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Author Question: What are some of the ways to distribute income or loss in a ... (Read 111 times)

Jramos095

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on: Jun 24, 2018
What are some of the ways to distribute income or loss in a partnership?

Question 2

Mack Industries had these assets on November 20: Cash, 4,098.35; Accounts Receivable, 13,419.73; Merchandise Inventory, 105,674; Equipment, 84,508; and building, 310,400. The company owed 122,770 in accounts payable and 60,000 to the National Bank. What were the company's assets, liabilities, and equity?


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Joy Chen

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Reply #1 on: Jun 24, 2018
Answer to Question 1

equally between the partners, in proportion to the partners' investments, paying interest to the partners on their investments, in a fixed ratio or percent, some combination of these methods

Answer to Question 2

518,100.08, 182,770, 335,330.08


Jramos095

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Reply 2 on: Jun 24, 2018
Great answer, keep it coming :)

Bigfoot1984

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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