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USE THE FOLLOWING INFORMATION FOR QUESTION 23 THROUGH 24 The partnership agreement of Nancy, Olga, and Paula provides for the following distribution of profit and
USE THE FOLLOWING INFORMATION FOR QUESTION 23 THROUGH 24 The partnership agreement of Nancy, Olga, and Paula provides for the following distribution of profit and losses. Salary.. Interest on average capital.. Average capital balance... Remainder... Nancy $60,000 10% $20,000 40% Olga $50,000 10% $30,000 30% Paula $40,000 10% $50,000 30% 23. If the partnership net income for 20x1 is $300,000, what is Nancy's share! A. $56,000 B. $100,000 C. $118,000 D. $120,000 24 If partnership net income for 20x1 is $100,000, what is Olga's Share.... A. S(18,000 B. $33,333 C. $35,000 D. $53,000
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