Abbott and Costello are partners.Abbott draws a salary of $90,000 per year and Costello draws a salary of $150,000 per year.Each partners Drawing account however shows they have withdrawn $50,000 and $60,000 respectively.What is the total amount of salary they would show on their income distribution?
A) $240,000
B) $350,000
C) $110,000
D) None of the above
Correct Answer:
Verified
Q26: T & U form a partnership with
Q27: L & S have invested $80,000 and
Q28: A personal debt of $10,000 in the
Q29: Partners A and B have a profit
Q30: An LLC is a hybrid type of
Q31: Partners G have withdrawn $65,000 and partner
Q32: D & E.share profits and loss in
Q33: S & T form a partnership with
Q34: Partners active in a partnership business should
Q36: Assume the partnership of V & X
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