Allison and Josh are partners in a business.Allison's capital is $60,000 and Josh's capital is $100,000.Profits for the year are $80,000.They agree to share profits and losses as follows:
Josh's share of the profit is:
A) $32,000.
B) $44,000.
C) ($8,000) .
D) None of the above
Correct Answer:
Verified
Q44: The different partners are taxed on:
A) the
Q55: Partners Brian,Josh,and Chad have capital balances of
Q56: The two types of allowances that may
Q57: Applying the ratio based on investment method,compute
Q58: The income/loss agreement was ignored when closing
Q61: An interest allowance is based on a
Q64: Janie and Larry are partners,with beginning capital
Q69: A profit and loss ratio must be
Q75: An interest allowance is based on the
Q79: When a partnership is worth more than
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents