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Calculate the amount of net income each partner

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Question - A. Anna, P. Peter and J. Jackson formed a partnership in 2015. In 2017, the beginning capital balance of each partner was $25,000, $35,000 and $30,000 respectively. During 2017, the company earned a net income of $63,000, and A. Anna withdrew $25,000 while P. Peter and J. Jackson withdrew $40,000 and $35,000 respectively.

Required - Calculate the amount of net income each partner will receive based on the following independent scenarios.

(i) The earnings are divided equally.

(ii) A. Anna receives 30%, P. Peter receives 40%, and J. Jackson receives 30% of the earnings.

(iii) The earnings are divided based on the partner's capital balance at the beginning of the year.

Reference no: EM132587272

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