Allison and Josh Are Partners in a Business Allison's Share of the Profits Before Paying Salaries and Interest
Multiple Choice
Allison and Josh are partners in a business.Allison's capital is $60,000 and Josh's capital is $100,000.Profits for the year are $80,000.They agree to share profits and losses as follows: Allison's share of the profits before paying salaries and interest on capital is:
A) $48,000.
B) $22,000.
C) $28,000.
D) $28,400.
Correct Answer:

Verified
Correct Answer:
Verified
Q49: Indicate the account(s) to be debited and
Q79: After all liabilities have been paid,the remaining
Q80: Prepare the journal entry to record the
Q81: When a partnership is worth more than
Q85: What is the closing entry to allocate
Q85: The accounting procedures are the same for
Q86: Prepare the journal entry to record the
Q89: When recording a bonus to a new
Q98: Indicate the account(s) to be debited and
Q112: In comparison with the proprietorship form of