Question
12)The ADF Partnership consists of three partners, Ansel, Davis, and Findley. The partnership agreement provides for annual salaries of $30,000 to Ansel, $40,000 to Davis,
12)The ADF Partnership consists of three partners, Ansel, Davis, and Findley. The partnership agreement provides for annual salaries of $30,000 to Ansel, $40,000 to Davis, and $75,000 to Findley. Residual profits are shared in a 2:1:2 ratio. Salaries are to be fully implemented.
Now assume that partnership income for the year is $58,000, and salaries are implemented proportionately.
Davis's share of incolne is
Select one:
a. $16,000.
b. $24,000.
c. $22,000.
d. $40,000.
12)The ADF Partnership consists of three partners, Ansel, Davis, and Findley. The partnership agreement provides for annual salaries of $30,000 to Ansel, $40,000 to Davis, and $75,000 to Findley. Residual profits are shared in a 2:1:2 ratio. Salaries are to be fully implemented.
Now assume that partnership income for the year is $58,000, and salaries are implemented proportionately.
Davis's share of incolne is
Select one:
a. $16,000.
b. $24,000.
c. $22,000.
d. $40,000.
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Auditing A Risk Analysis Approach
Authors: Larry F. Konrath
5th Edition
032405789X, 9780324057898
