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2 years ago

14

Shue, a partner in the Financial Brokers Partnership, has a 30 percent share in partnership profits and losses. Shue's capital a

ccount had a net decrease of $100,000 during 20X8. During 20X8, Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 20X8?
A. $633,334
B. $466,666
C. $300,000
D. $190,000

1 answer:

mr Goodwill [35]2 years ago

4 0

Answer:

C. $300,000

Explanation:

Shue Capital Account:

contribution 50,000

partnership income x 30%

withdrawals (240,000)

change in capital account (100,000)

50,000 + Shue profits - 240,000 = -100,000

Shue profit = 240,000 - 100,000 - 50,000

Shue profit = 90,000

Partnership profit:

90,000 / 0.30 = 300,000

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1 year ago

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