Answered step by step
Verified Expert Solution
Question
1 Approved Answer
tion 11 et The A B C partnership reported net income of $130,000 for the year ended December 31, 2008. According to the partnership agreement,
tion 11 et The A B C partnership reported net income of $130,000 for the year ended December 31, 2008. According to the partnership agreement, partnership profits and losses are to be distributed as follows: ered ed out of A B salaries 25000 20000 15000 ag question Bonus on net income 10% Remainder 60% 30% 10% How should partnership net income for 2008 be allocated to A, B, and C? A B A) 78000 39000 13000 B) 72200 37100 20700 C 52500 75000 22500 D) 42500 42500 65000 Select one: a. B c D) 42500 42500 65000 b. A B A) 78000 39000 13000 o C. . 72200 B C 37100 20700 d. B . C) 52500 75000 22500 n 12 In partnership liquidation the first cash distribution to the partner should be made in accordance with the | ut of Select one: Jestion b. a. Safe payment schedule Balances of partners' capital accounts c. Partners profit &loss ratios d. Ratio of the capital contribution by partners on 13 Hani and Nader are two partners in partnerships divided profit &loss 2:3 respectively, at the year ended 2019 the net income of the partnership $ 120,000 if the partners received $ 15,000 each, salary and Hani received yearly 10% Bonus from net income after salary what are the share of Nader from remaining profit balance ut of Select one: uestion a. 46800 O b. 31200 c. 32400 O d. 48,600
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started