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ABC, a partner in the Financial Brokers Partnership, has a 30 percent share in partnership profits and losses. ABC's capital account had a net decrease of P100,000 during 2008. During 2008, ABC withdrew P240,000 as withdrawals and contributed equipment valued at P50,000 to the partnership.  What was the net income of the Financial Brokers Partnership for 2008?  633,334 466,666 300,000 190,000

ABC, a partner in the Financial Brokers Partnership, has a 30 percent share in partnership profits and losses. ABC's capital account had a net decrease of P100,000 during 2008. During 2008, ABC withdrew P240,000 as withdrawals and contributed equipment valued at P50,000 to the partnership.  What was the net income of the Financial Brokers Partnership for 2008?  633,334 466,666 300,000 190,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC, a partner in the Financial Brokers Partnership, has a 30 percent share in partnership profits and losses. ABC's capital account had a net decrease of P100,000 during 2008. During 2008, ABC withdrew P240,000 as withdrawals and contributed equipment valued at P50,000 to the partnership. 
What was the net income of the Financial Brokers Partnership for 2008? 
633,334
466,666
300,000
190,000

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