Phox and Ranch have decided to form a partnership.  They are in the process of agreeing on how the profits/losses will be divided.  Assume that the company is anticipating net income of $80,000 for the first time period.  If there is no agreement, what would Phox's share of the net income be?     Phox Ranch Total Net Income ?   80,000 Group of answer choices $40,000 $20,000 $80,000 There is no way to determine it

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Phox and Ranch have decided to form a partnership.  They are in the process of agreeing on how the profits/losses will be divided.  Assume that the company is anticipating net income of $80,000 for the first time period.  If there is no agreement, what would Phox's share of the net income be?  

 

Phox

Ranch

Total

Net Income

?

 

80,000

Group of answer choices
$40,000
$20,000
$80,000
There is no way to determine it.
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