The partnership of X and Y shares profits and losses in the ratio of 60 percent to

Question:

The partnership of X and Y shares profits and losses in the ratio of 60 percent to X and 40 percent 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.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...