Paul and Xavier are partners, share profits 3:2, and compile their accounts as of June 30 of
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Paul and Xavier are partners, share profits 3:2, and compile their accounts as of June 30 of each year.
On January 1, 2020, Roshi joined the partnership, and as of that date, the profit-sharing ratio became Paul 50%, Xavier 25%, and Roshi 25%, after Xavier's salaries were stipulated. and Roshi as follows:
Xavier $20,000 per year
Roshi $12,000 per year
The partnership's profit for the year ended June 30, 2020 was $480,000, accruing evenly throughout the year.
What is the total partner profit share for the year ending June 30, 2020?
Expert Answer:
To calculate the total partner profit share for the year ending June 30 2020 we need to determine th... View the full answer
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