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The PQ Partnership Has the Following Plan for the Distribution

Question 9

Essay

The PQ partnership has the following plan for the distribution of partnership net income (loss):
The PQ partnership has the following plan for the distribution of partnership net income (loss): Required: Calculate the distribution of partnership net income (loss)for each independent situation below (for each situation,assume the average capital balance of P is $140,000 and of Q is $240,000). 1.Partnership net income is $360,000. 2.Partnership net income is $240,000. 3.Partnership net loss is $40,000.
Required:
Calculate the distribution of partnership net income (loss)for each independent situation below (for each situation,assume the average capital balance of P is $140,000 and of Q is $240,000).
1.Partnership net income is $360,000.
2.Partnership net income is $240,000.
3.Partnership net loss is $40,000.

Correct Answer:

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Situation 1: Net income is $36...

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