(Answered) Questions -q1 the partnership of x and y shares profits and

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Q1. The partnership of X and Y shares profits and losses in the ratio of 60 percent to X and 40 percent to Y. For the year 2008, partnership net income was double X's withdrawals. Assume X's beginning capital balance was $80,000, and ending capital balance (after closing) was44. The partnership of X and Y shares profits and losses in the ratio of 60 percent to X and 40 percent to Y. For the year 2008, partnership net income was double X's withdrawals. Assume X's beginning capital balance was $80,000, and ending capital balance (after closing) was$140,000. Partnership net income for the year was:

A. $120,000.

B. $300,000.

C. $500,000.

D. $600,000

Q2. Shue, a partner in the Financial Brokers Partnership, has a 30 percent share in partnership profits and losses. Shue's capital account had a net decrease of $100,000 during 2008. During2008, Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 tothe partnership. What was the net income of the Financial Brokers Partnership for 2008?

A. $633,334

B. $466,666

C. $300,000

D. $190,000

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