QUESTION 29 Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000, respectively. They agree to share profits and losses as follows: Cantor Dickens As salaries $40,000 $48.000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% If income for the year was $200,000, what will be the distribution of income to Dickens? $92,000 O $108,000 $80,000 $40,000 QUESTION 31 The Mayer and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $400,000 for Mayer and $200,000 for Rodin At the beginning of the year, Mayer's Capital account had a balance of $800,000, while Rodin's Capital account had a balance of $700,000. Net income for the year was $800,000. The balance of Rodin's Capital account at the end of the year after closing is $950,000 $1,000,000 O $850,000 $900,000 QUESTION 25 Nate is investing in a partnership with Deidre. Nate contributes as part of his initial investment, Accounts Receivable of $60,000; an Allowance for Doubtful Accounts of $9.000; and $6,000 cash. The entry that the partnership makes to record Nate's initial contribution includes a credit to Nate, Capital for $66,000. debit to Accounts Receivable for $51,000. credit to Nate, Capital for $57,000. debit to Allowance for Doubtful Accounts for $9,000