Assume the Partnership Agreement Specifies Net Income Is to Be

question 166

Multiple Choice

Assume the partnership agreement specifies net income is to be divided as follows: $30,000 to A and $40,000 to B for service with any remaining profit or loss divided equally between the partners.If net income for the current year is $85,000,A's distributive share of net income would be:

• A) $27,500
• B) $37,500
• C) $30,000
• D) $40,000

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