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The partnership of x and y shares profits and losses

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1. The partnership of X and Y shares profits and losses in the ratio of 60 percent to X and 40 percent to Y. For the year 2008, partnership net income was double X's withdrawals. Assume X's beginning 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: EM13949922

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