The Answer is B) $ 484,615
Calculation:
Caroline share = Net Income* Share Ratio = $ 900,000 * 7 / 13 = $ 484,615.38 [$ 484,615 Approx.]
Andre, Beau, and Caroline share profits and losses of their partnership in a 3:3:7 ratio respectively....
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Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Eli is allowed a salary allowance of $70600 and Alex is allowed a salary allowance of $35100. If the partnership had net income of $70300 for 2020, Alex’s share of the income would be
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PROBLEM 18 (18 pts.) Partners Conner, Tuitt, and Heyward share profits and losses in a 3:4:5 ratio, respectively. Their average capital balances for the quarter year were $50,000, $70,000, and $80,000, respectively. Conner and Heyward each receive a “salary” of $8,000 each quarter due to their years of experience in the field. All three partners receive 5% interest on their average capital balance. The net income for this quarter was $25,100. Prepare a schedule that shows the distribution of the...