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Question 4 (2 points) 1) Listen Partners' withdrawal of assets are: A) Credited to the withdrawals account. B) Debited to the withdrawals account. C) Credited
Question 4 (2 points) 1) Listen Partners' withdrawal of assets are: A) Credited to the withdrawals account. B) Debited to the withdrawals account. C) Credited to their retained earnings. D) Debited to their retained earnings. E) Debited to their asset accounts. Question 5 (2 points) Saved ) Listen Shelby and Mort formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their agreement calls for Shelby to receive a $60,000 per year salary. Also, each partner is to receive an interest allowance equal to 10% of a partner's beginning capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $135,000, then Shelby and Mort's shares are: A) $67,500; $67,500. B) $92,500; $42,500. C) $57,857; $77,143. D) $90,000; $40,000. E) $35,000; $100,000
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