Ext Goodman, Pinkman, and White formed a partnership on January 1, 2020, and made capital contributions...

 

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Ext Goodman, Pinkman, and White formed a partnership on January 1, 2020, and made capital contributions of $125.000 (Goodman $175.000 Prieman and $250,000 (White), respectively. With respect to the division of income, they agreed to the folowing: () interest of an amount equal to 10% of the that partner's beginning capital balance for the year, (2) annual compensation of $15,000 to Pinkman; and (3) the remainder of the income or loss to be spit among the partners in the following percentages: (a) 20% for Goodman; (b) 40% for Pinkman; and (c) 40% for White. Net income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021 What was White's total share of net income for 2020? Multiple Choice $95,000. $25,000. $52,000. $77,000. $84,500. Next Ext Goodman, Pinkman, and White formed a partnership on January 1, 2020, and made capital contributions of $125.000 (Goodman $175.000 Prieman and $250,000 (White), respectively. With respect to the division of income, they agreed to the folowing: () interest of an amount equal to 10% of the that partner's beginning capital balance for the year, (2) annual compensation of $15,000 to Pinkman; and (3) the remainder of the income or loss to be spit among the partners in the following percentages: (a) 20% for Goodman; (b) 40% for Pinkman; and (c) 40% for White. Net income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021 What was White's total share of net income for 2020? Multiple Choice $95,000. $25,000. $52,000. $77,000. $84,500. Next

Answer rating: 100% (QA)

Total beginning capital 125000 175000 250000 550000 Remaining profit ... View the full answer