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The partnership of X and Y shares profits and losses in the ratio of 60% to X and 40% 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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947546

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