Question 1

PARTNERSHIP INCOME DISTRIBUTION: For partnership C, if the remainder of the partnerships net income is 120,000 and there are three partners among whom the remainder is divided equally, how much is each partners share of the reminder?

		A. 50,000
		B. 40,000
		A. 30,000
		B. 20,000
		C. None of the above

Question 2

PARTNERSHIP INCOME DISTRIBUTION: For partnership D, if Partner As salary allowance is 100,000 and Partner As interest on original capital balance is 20,000 and Partner As share of the remainder of the partnerships net income is 30,000, how much is Partner As total share of the partnerships net income?

		A.. 170,000
		B. 150,000
		C. 120,000
		D. 100,000
		E. None of the above

Question 3

PARTNERSHIP INCOME DISTRIBUTION: For partnership B, the original capital balances for the three Partners: Partner A 100,000, Partner B 200,000 and Partner C 300,000. If the interest on original capital balances is at the rate of 10%, how much is the interest on Partner Bs the original capital balance?

		A. 200,000
		B. 30,000
		C. 20,000
		D. 10,000
		E. None of the above

Question 4

PARTNERSHIP INCOME DISTRIBUTION: For partnership E, if the remainder of the partnerships net income is 150,000 and there are three partners among whom the remainder is divided equally, how much is each partners share of the reminder?

		A. 50,000
		B. 40,000
		C. 30,000
		D. 20,000
		E. None of the above