Jerome, Alwyn, and Floyd have decided to incorporate their partnership. They share profits in the ratio 30:40:30. The noncash assets of the firm are revalued to their fair values. The firm recognizes a $40,000 revaluation gain on their noncash assets. Calculate the share of revaluation profits allocated to Floyd?

Answer rating: 100% (QA)

answer Floyds share of the revaluation profit can be calculated based on his profi... View the full answer