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The APB partnership agreement specifies that partnership net income be allocated as follows: partner A Partner P Partner B salary allownace 30000 10000 40000 10%
The APB partnership agreement specifies that partnership net income be allocated as follows: partner A Partner P Partner B salary allownace 30000 10000 40000 10% 10% interest on avaerage on capital balance 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 60000 30000 A) 60000 37000 54000 B) 59000 24000 24000 12000 54000 38000 D) 58000
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