Multiple Choice
The average capital balances of partners Bridget and Emily are $3,000 and $6,000,respectively.Bridget and Emily work full time in the business.The business earned net income of $12,000 for the period.The partners have agreed to share earnings based upon the percentage of original investment.Bridget's share of the net income is:
A) $4,000.
B) $6,000.
C) $8,000.
D) indeterminable.
Correct Answer:
Verified
Correct Answer:
Verified
Q20: Applying the profit and loss ratio method,compute
Q34: The Securities and Exchange Commission Act defines
Q35: The last step in a partnership liquidation
Q36: A partnership can be joined by:<br>A)investing into
Q37: A partnership is defined by the Uniform
Q38: When the assets are sold at a
Q40: After several years of business,Abel,Barney,and Cole
Q42: John and Brad have average capital balances
Q43: Bernstein is brought into the partnership.His capital
Q44: Applying the ratio based on investment method,compute