Question

Amine and Ankit operate a furniture rental business. Their capital balances on January 1, 2014, were $320,000 and $480,000, respectively. Amine withdrew cash of $64,000 from the business on April 1, 2014. Ankit withdrew $120,000 cash on October 1, 2014. Amine and Ankit distribute partnership income based on their average capital balances each year. Income for 2014 was $320,000. Compute the income to be distributed to Amine and Ankit using their average capital balances in 2014. (Round percentages to the nearest tenth of a percent.)



$1.99
Sales2
Views315
Comments0
  • CreatedMarch 26, 2014
  • Files Included
Post your question
5000