The Profit of the Miskell and Leblanc Partnership Is $30,000

question 128

Multiple Choice

The profit of the Miskell and Leblanc partnership is $30,000. The partnership agreement specifies that Miskell and Leblanc have a salary allowance of $8,000 and $12,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of $20,000. Any remaining profit or loss is shared equally.
-What is Miskell's share of the $30,000 profit?

• A) $8,000
• B) $10,000
• C) $11,000
• D) $13,000

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A work stoppage by unionized workers that is legally permitted and adheres to labor laws.

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