Reference no: EM132613626
Cline, Watters, and Nettles formed a partnership on January 1, 20X1, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to
(1) an interest of 10% of the beginning capital balance each year;
(2) an annual compensation of $10,000 to Watters; and
(3) sharing the remainder of the income or loss in a ratio of 20% for Cline and 40% each for Watters and Nettles.
Net income was $150,000 in 20X1 and $180,000 in 20X2. Each partner withdrew $1,000 for personal use every month during 20X1 and 20X2.
Question 1: Demonstrate What was Cline's share of income for 20X1?
Group of answer choices
Option 1: $63,000
Option 2: $58,000
Option 3: $53,000
Option 4: $51,000
Option 5: $19,000
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