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i just want to make sure if i did correctly can someone please check this and let me know. A partnership begins its first year
i just want to make sure if i did correctly can someone please check this and let me know. A partnership begins its first year with the following capital balances: The articles of parthership stipulate that profits and losses be assigned in the following manner: - Each partner is allocated interest equal to 5 percent of the beginning capital balance. - Bertrand is allocated compensation of $10,000 per year. - Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. - Each porther is allowed to withdraw up to $3,000 cash per year. ussuming that the net income is $40,000 and that each partner withdraws the maximum amount a the end of the year? Mutiple Choice $59100 $62100 $51,900
i just want to make sure if i did correctly can someone please check this and let me know.
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