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Management Studies

EZ Manufacturing Company is a partnership among Yolanda Gonzales, Willie Todd and Linda Yeager. The partnership contract states that partnership profits will be split equally among the three partners. During the current year Gonzales withdrew $25,000, Todd withdrew $23,000 and Yaeger withdrew $30,000. Net Income of EZ Manufacturing Company amounted to $180,000.A. find out each partner's share of net income for the period.B. Describe the effects, if any, that partnership operations would have on the individual tax returns of the partners.C. Prepare a statement of partner's equity for the year. Assume that partners' capital accounts had beginning balances of $50,000, $60,000 and $40,000 respectively for Gonzales, Todd & Yeager.

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M998592

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