Cox, North, and Lee form a partnership. Cox contributes $180,000, North contributes $150,000, and Lee contributes $270,000. Their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $150,000 for its first year, what amount of income is credited to Lee's capital account? (Do not round your intermediate calculations.)
A. $45,000.
B. $50,000.
C. $60,000.
D. $54,000.
E. $67,500.
Answer: E
You might also like to view...
Which statement is most likely true about the affordable method of setting an advertising budget?
A) Spending on advertising is calculated based on the financial objectives a company wishes to accomplish. B) Spending on advertising is calculated after operating expenses and capital outlays are deducted from total revenues. C) Spending on advertising is based on a predetermined percentage of current or forecasted sales for the year. D) Spending on advertising is calculated as a percentage of the unit sales price. E) Spending on advertising is based on a competitor's advertising outlays.
The _______ is a jurisdictional test required by due process that looks to see if a person had such associations with a state, did business within the state, and could reasonably have anticipated that it would have to defend itself there
A. effects test B. minimum contacts test C. jurisdictional rule of reason test D. per se test
The capability of an element or a substance to enable electron flow is called ____________________
Fill in the blank(s) with correct word
Explain the purpose of the tax credit for rehabilitation expenditures and describe the general characteristics of its computation