The partnership contract for Hanes and Jones LLP provides that Hanes is to receive a bonus of

Question:

The contract for Hanes and Jones LLP provides that Hanes is to receive a bonus of 20% of net income (after the bonus) and that the remaining net income is to be divided equally. If the income before the bonus for the year is $57,600, Hanes' share of this pre-bonus income is:
A. $28,800.
B. $33,600.
C. $34,560.
D. $35,520.
E. $38,40
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...