Essay
John and Brad have average capital balances of $25,000 and $10,000,respectively.The partners have agreed to allow $20,000 salary allowances.The partners will share income and losses in a 1:2 ratio.How much will each partner's capital account change if net income is $70,000?
Correct Answer:
Verified
Correct Answer:
Verified
Q20: Applying the profit and loss ratio method,compute
Q37: A partnership is defined by the Uniform
Q38: When the assets are sold at a
Q39: The average capital balances of partners Bridget
Q40: After several years of business,Abel,Barney,and Cole
Q42: If the retiring partner's interest is sold
Q43: Bernstein is brought into the partnership.His capital
Q44: Applying the ratio based on investment method,compute
Q46: Partners Roger and Martin each have $3,000
Q64: Able partner withdrew cash from the business.<br>Debit