Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 09 Aug 2017 My Price 5.00

Financial Brokers Partnership

1. Shue, a partner in the Financial Brokers Partnership, has a 30% share in partnership profits and losses. Shue's capital account had a net decrease of $100,000 during 2008. During 2008, Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008? A. $300,000 B. $633,334 C. $466,666 D. $190,000 2. The partnership of X and Y shares profits and losses in the ratio of 60% to X and 40% to Y. For the year 2008, partnership net income was double X's withdrawals. Assume X's beginning capital balance was $80,000, and ending capital balance (after closing) was $140,000. Partnership net income for the year was: A. $120,000. B. $300,000. C. $500,000. D. $600,000.

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Maurice Tutor
(5)
Status NEW Posted 09 Aug 2017 09:08 PM My Price 5.00

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