Answered: What are the partnership's earnings for…

Business

Accounting

What are the partnership's earnings for 2015?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter11: Invest Or Losses

Section: Chapter Questions

Problem 49P

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Question

Marco, a partner in the Marco and Guel partnership, is entitled to 40% of the profits and losses. During 2015, Marco contributes land to the partnership that cost her P50,000 but has a current value of P60,000. Also during 2015, Marco has drawings of P80,000. The balance in Marco's capital account was P120,000 at the beginning of the year and is P150,000 at the end of the year. What are the partnership's earnings for 2015?

A. ( 75,000)

B. ( 50,000)

C. 150,000

D. 125,000

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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