The partnership of Smith and Jones,who have average capital balances of $11,000 and $19,000,respectively,earned $90,000 net income.Under each of the following independent situations,calculate the distribution of the $90,000.
a)No agreement was established.
b)Share based on their average capital balances.

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The Answer of The partnership of Smith and Jones,who have average capital balances of $11,000 and $19,000,respectively,earned $90,000 net income.Under each of the following independent situations,calculate the distribution of the $90,000.
a)No agreement was established.
b)Share based on their average capital balances.

The Partnership of Smith and Jones,who Have Average Capital Balances