Gary, Peter, and Chris and have capital balances of $26,000, $38,000, and $30,000, respectively. As per the
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Gary, Peter, and Chris and have capital balances of $26,000, $38,000, and $30,000, respectively. As per the partnership agreement, Gary gets a profit share of 2/9; Peter gets 4/9; and Chris gets 3/9. The partnership agrees to pay $20,000 as the final settlement to Gary. How much bonus does Peter receive as a result of this transaction? (Do not round intermediate calculations and round the final answer to the nearest dollar.)
A. $2,667
B. $2,571
C. $3,429
D. $3,333
Related Book For
Accounting
ISBN: 978-0132569309
9th Edition
Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv
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