Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the xyz partnership recorded a profit of $540000.

The XYZ partnership recorded a profit of $540000. a) if the three partners had nothing...

70.2K

Verified Solution

Question

Accounting

The XYZ partnership recorded a profit of $540000.

a) if the three partners had nothing in their partnership agreement on profit sharing how would profits be distributed?

b) If the partners agreed on a $144000 salary allowance for each partner and the remaining balance divided 3:2:1, calculate the amount owed to each partner

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Hi-Tek Manufacturing, Inc., makes two types of industrial component parts—the B300 and the T500. An absorption...

Accounting
Q

Professor Van Eggmon thinks that dissolving eggshells at 74.1o F is easier than cracking eggs. The...

Chemistry
Q

What is the molarity of a solution containing 13.7 grams of NH3 in 1.55 liters of...

Chemistry
Q

The CO microwave spectrum has lines at 0.86 nm, 1.29 nm, and 2.59 nm. a) What transitions...

Physics
Q

Write a literature review on • the catastrophic effect of failure and fatigue on structure Dont just copy...

Mechanical Engineering
Q

Write the equation of the circle with its center at 6 1 and a radius...

Geometry
Q

13 Here is a table showing fictitious trial results of a new acne medication a...

Statistics
Q

Javier volunteers in community events each month He does not do more than five events...

Statistics
Q

At a table factory two different machines can make tables. The oldermachine can make tables...

Algebra
Q

X Company currently buys 8,000 units of a part each year from a supplier for...

Accounting
Q

Committing fraud because of a gambling addiction or excessive debt is an example of O...

Accounting
Q

You have an app named Pix. You have monthly budget of $50K for UA activity...

Finance