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13) Jack and Jill are business partners in JJ Sports. Their partnership agreement states that the partners will share income in a 3:2 ratio (Jack:Jill).
13) Jack and Jill are business partners in JJ Sports. Their partnership agreement states that the partners will share income in a 3:2 ratio (Jack:Jill). For the year ended December 31, 2016, the partnership earned $200,000. During 2016, Jack withdrew $40,000 cash from the business and Jill withdrew $30,000 cash. How much income would be allocated to Jill? Select one: a. $40,000 b. $80,000 c. $50,000 d. $110,000 e. $30,000 1
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