The Partnership of X and Y Shares Profits and Losses

Multiple Choice

The partnership of X and Y shares profits and losses in the ratio of 60 percent to X and 40 percent to Y.For the year 20X8,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.