DeVry ACCT 405 Week 8 Final Project
The Ace and Deuce partnership has been created to operate a law firm. The partners are attempting to devise a fair system to allocate profits and losses. Ace plans to work more billable hours each year than Deuce. However, Deuce has more experience and can charge a higher hourly rate. Ace expects to invest more money in the business than Deuce.
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Build a spreadsheet that can be used to allocate profits and losses to these two partners each year. The spreadsheet should be constructed so that the following variables can be entered:
- Net income for the year.
- Number of billable hours for each partner.
- Hourly rate for each partner.
- Capital investment by each partner.
- Interest rate on capital investment.
- Profit and loss ratio.