The net income of the Jason and Browning partnership is $445000. The partnership agreement specifies that Jason and Browning have a salary allowance of $111000 and $185000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of $293000. Any remaining net income or net loss is shared equally. What is the balance of Browning's Capital account at the end of the year after net income has been divided? O $507300 O $552500 O $474300 O $519500
The net income of the Jason and Browning partnership is $445000. The partnership agreement specifies that Jason and Browning have a salary allowance of $111000 and $185000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of $293000. Any remaining net income or net loss is shared equally. What is the balance of Browning's Capital account at the end of the year after net income has been divided? O $507300 O $552500 O $474300 O $519500
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 6CPA
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![The net income of the Jason and Browning partnership is $445000. The partnership agreement specifies that Jason and Browning
have a salary allowance of $111000 and $185000, respectively. The partnership agreement also specifies an interest allowance of
10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of $293000. Any remaining net
income or net loss is shared equally.
What is the balance of Browning's Capital account at the end of the year after net income has been divided?
$507300
$552500
$474300
$519500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F92464fdc-b4d0-4743-9f87-ee89a4c65e6e%2F1e9c5736-359a-45d8-a4a1-f8b0923770d8%2Fzdahect_processed.png&w=3840&q=75)
Transcribed Image Text:The net income of the Jason and Browning partnership is $445000. The partnership agreement specifies that Jason and Browning
have a salary allowance of $111000 and $185000, respectively. The partnership agreement also specifies an interest allowance of
10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of $293000. Any remaining net
income or net loss is shared equally.
What is the balance of Browning's Capital account at the end of the year after net income has been divided?
$507300
$552500
$474300
$519500
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