The Partnership of X and Y Shares Profits and Losses

question 50

Multiple Choice

The partnership of X and Y shares profits and losses in the ratio of 60 percent to X and 40 percent to Y.For the year 20X8,partnership net income was double X's withdrawals.Assume X's beginning capital balance was $80,000,and ending capital balance (after closing) was $140,000.Partnership net income for the year was:

• A)$120,000.
• B)$300,000.
• C)$500,000.
• D)$600,000.

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