Home Page path DashboardMy courses20203 - General - Question 29 Not yet answered Marked out of 1.50 Not flaggedFlag question Question text

The APB partnership agreement specifies that partnership net income be allocated as follows:

partner A Partner p Partner B

salary allownace 30000 10000 40000

interest on avaerage on capital balance 10% 10% 10%

Remainder 40% 40% 20%

Average capital balances for the current year were $50,000 for A, $30,000 for P, and $20,000 for B.

Refer to the information given. Assuming a current year net income of $150,000, what amount should be allocated to each partner?

Partner A Partner P Partner B

A) 60000 60000 30000

B) 59000 37000 54000

C) 24000 24000 12000

D) 58000 38000 54000

Select one: a. Partner A Partner P Partner B

58000 38000 54000 b. Partner A Partner P Partner B

59000 37000 54000 c. Partner A Partner P Partner B

24000 24000 12000 d. Partner A Partner P Partner B

60000 60000 30000