Shue, a partner in the financial brokers partnership, has a 30 percent share in partnership profits and losses. shue's capital account had a net decrease of $100,000 during 20x8. during 20x8, shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. what was the net income of the financial brokers partnership for 20x8?
a. $633,334
b. $466,666
c. $300,000
d. $190,000

C. $300,000

Explanation:

Shue Capital Account:

contribution                          50,000

partnership income x 30%

withdrawals                       (240,000)

change in capital account (100,000)

50,000 + Shue profits - 240,000 = -100,000

Shue profit = 240,000 - 100,000 - 50,000

Shue profit =   90,000

Partnership profit:

90,000 / 0.30 = 300,000

answer; the nav calculated at the market close at 4: 00 pm new york time;

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