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What the net income of the financial brokers partnership

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1. Shue, a partner in the Financial Brokers Partnership, has a 30% share in partnership profits and losses. Shue's capital account had a net decrease of $100,000 during 2008. During 2008, Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?

A. $300,000

B. $633,334

C. $466,666

D. $190,000

2. The partnership of X and Y shares profits and losses in the ratio of 60% to X and 40% to Y. For the year 2008, partnership net income was double X's withdrawals. Assume X's beginning capital balance was $80,000, and ending capital balance (after closing) was $140,000. Partnership net income for the year was:

A. $120,000.

B. $300,000.

C. $500,000.

D. $600,000.

Reference no: EM131875785

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