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Question - Wong and White are partners. They have agreed to share profits based on a formula where the first $100 000 is based on service and Wong is to receive $60 000 and White $40 000. The next $100 000 is based on capital contributed where Wong invested $350 000 and White $150 000. Any remaining profits are shared equally.
If profits before distributions were $650 000 how much will White receive?
$90 000
$75 000
$70 000
$295 000
What item(s) in the table would appear on the 2016 statement of cash flows?
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