Ask Question, Ask an Expert


Ask Accounting Basics Expert

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

A. $300,000

B. $633,334

C. $466,666

D. $190,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947545

Have any Question? 

Related Questions in Accounting Basics

Ecampus accounting cycle paperaccounting cycle paper-

eCampus Accounting Cycle Paper Accounting Cycle Paper- Assessment Activity- Write a 700- 1,050-word paper including the following: · The purpose of accounting and financial reporting within your organization or an organi ...

Treatment of intangible assets and impairmentsdetermine

Treatment of Intangible Assets and Impairments Determine accounting alternatives for intangibles. There are a number of differences between IFRS and U.S. GAAP for the treatment of intangible assets and impairments. The i ...

Assignment case studyreqiredassume you are employed as a

Assignment Case Study Reqired Assume you are employed as a graduate tax accountant and have been asked to detail to your manager, the Australian income tax implications of the following facts relating to Mrs Gilling, who ...

Development of an anti-fraud programa for-profit

Development of an Anti-Fraud Program A for-profit manufacturing organization loses a certain percentage of its annual revenue to fraud. Fraud occurs regardless of organizational size or type. Every organization is vulner ...

For an accounts receivable system what kind of data would

For an accounts receivable system, what kind of data would be found in the master files and transaction files, respectively?

Fbl5030 fundamentals of vlaue creation in business

FBL5030 FUNDAMENTALS OF VLAUE CREATION IN BUSINESS ASSIGNMENT ASSIGNMENT REQUIREMENTS- 1. The following is a list of 10 organisations/companies, one of which will be the subject of your analysis. CODE                   C ...

Compare all three balance sheets on the basic grounds of

Compare all three balance sheets on the basic grounds of accounts and differences. 1. HDFC 2. Infosys and 3. Tata Steel. Balance sheets -

Presentation on cybercrimemayfield electronics inc an

Presentation on CyberCrime Mayfield electronics, Inc., an international company has asked your accounting firm to share with its employees the threat of cybercrime and how the company can protect itself corporately as we ...

Accountingratios1 pick a ratio and describe how it is

Accounting Ratios 1. Pick a ratio and describe how it is figured. Then discuss what this ratio tells us about an organization. Financial Statement Analysis author's Corners Video 2. What are the main objectives of ratio ...

Assessment item - review of current accounting issuestaskin

Assessment item - Review of Current Accounting Issues Task In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleague ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate