Partnership Net Income of $75,000 Is to Be Divided Between

question 23

Multiple Choice

Partnership net income of $75,000 is to be divided between two partners, Bob Garcia and Jerry McKernan, according to the following arrangement: There will be salary allowances of $30,000 for Garcia and $20,000 for McKernan, with the remainder divided equally. How much of the net income will be distributed to Garcia and McKernan, respectively?

• A) $40,000 and $30,000
• B) $42,500 and $32,500
• C) $45,000 and $35,000
• D) $67,500 and $57,500

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