Net income of the financial brokers partnership

Assignment Help Financial Accounting

Reference no: EM1375450

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: EM1375450

Questions Cloud

Sketch the production of possibility frontiers : The nations of Figistan and Blah are small island nations in South Pacific. Both manufacture fruit and timber. Each island has a labor force of 1,200. The table listed below gives production per month per worker in each nation:

Economies of scale or scope : Show whether Loewen Group expansion from funeral homes to cemeteries affected its vertical or horizontal boundaries or both.

What types of spin-off products company consider producing : Think about a product you like as well as use on a regular basis and the company that makes the product. What types of spin-off products might this company consider producing?

Trade for harper : Evaluate whether the Kings should keep Dawkins or trade for Harper . Imagine the trade would occur on 1st January, 20X3.

Net income of the financial brokers partnership : Evaluate what was the net income of the Financial Brokers Partnership for 2008

Upermarket chain owner from selling only manufacturers : Which of the subsequent is one of the arguments you could use to discourage the supermarket chain owner from selling only manufacturers' brands?

Trade restrictions and recession : Suppose if you were economic adviser to a nation that was following your advice about trade restrictions and that nation fell into a recession, would you change your advice?

Child expired from the medication sues the fda : A Canadian citizen whose child expired from the medication sues the FDA for permitting the sale of dangerous medication in Canada

Find amount of bobs bonus : Find amount of Bob's bonus if the bonus is to be evaluated on income before deducting salary and interest on capital accounts, but after the bonus?

User Account

All Pages