1 shue a partner in financial brokers partnership has a 30

Assignment Help Financial Accounting

Reference no: EM13370508

1. Shue, a partner in Financial Brokers Partnership, has a 30 percent share in partnership profits and losses. Shue's capital account had a net decrease of $100,000 during 2008. Through 2008, Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. Evaluate what was the net income of the Financial Brokers Partnership for 2008?

A. $300,000
B. $633,334
C. $466,666
D. $190,000

2. The partnership of X and Y shares losses and profits in the ratio of 60 percent to X and 40 percent to Y. For the year 2008, partnership total income was double X's withdrawals. Suppose X's starting capital balance was $80,000, and ending capital balance (after closing) was $140,000. Partnership net income for the year was:

A. $120,000.
B. $300,000.
C. $500,000.
D. $600,000.

Reference no: EM13370508

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