NC Partnership Has Current Year Net Income of $173,000

question 100

Multiple Choice

NC Partnership has current year net income of $173,000. The partnership agreement states that partners K. Nelson and V. Chavez should receive salary allowances of $42,000 and $50,000, respectively. Any remaining income or loss is to be allocated 35% to Nelson and 65% to Chavez. Nelson's share of the net income for the year is:

• A)$102,550
• B)$85,050
• C)$43,050
• D)$70,350
• E)$60,550

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Definitions:

Interdependence

describes a relationship between entities where they rely on each other, indicating mutual dependence for success or survival.

Antagonistic Attitudes

Hostile or opposing outlooks or behaviors towards others or specific concepts.

Negative Attitudes

Patterns of thinking or feeling that reflect a critical or pessimistic view towards a particular object, person, or situation.

Disagreements

Occurrences when parties hold or express different views or opinions, leading to conflict or debate.