Solved

The Partnership of Smith and Jones,who Have Average Capital Balances

Question 101

Essay

The partnership of Smith and Jones,who have average capital balances of $11,000 and $19,000,respectively,earned $90,000 net income.Under each of the following independent situations,calculate the distribution of the $90,000.
a)No agreement was established.
b)Share based on their average capital balances.

Correct Answer:

verifed

Verified

a)Smith,$45,000; Jon...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions