The Summarized Balances of the Accounts of MNO Partnership on December

question 21

Multiple Choice

The summarized balances of the accounts of MNO partnership on December 31, 2017, are as follows: The agreed upon profit/loss ratio is 50:40:10, respectively. Using the information given above, which one of the following amounts, if any, is the loss absorption potential of partner N as of December 31, 2017?

• A) $20,000
• B) $35,000
• C) $75,000
• D) $120,000

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