Homework Answers
Answer
- Total Capital Invested = 60000 + 50000 + 40000 = $ 150,000
- Wheaton’s capital = $ 60,000
- Net Income = $ 75,000
- Amount of Net Income credited to Wheaton’s capital account = 75000 x 60000 / 150000 = $ 30,000
- Correct Answer = Option #3: $ 30,000
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Wheadon, Davis, and Singer formed a partnership with Wheadon contributing $60,000, Davis contributing $50,000 and Singer...
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Wheadon, Davis, and Singer formed a partnership with Wheadon contributing $60,000, Davis contributing $50,000 and Singer contributing $40,000. Their partnership agreement called for the income (loss) division to be based on the ratio of capital investments. If the partnership had income of $75,000 for its first year of operation, what amount of income (rounded to the nearest thousand) would be credited to Wheadon's capital account? O $20,000 O $25.000 O $30.000 O $40,000 O $75,000
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