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amm1812
1 year ago
11

Cox, North, and Lee form a partnership. Cox contributes $180,000, North contributes $150,000, and Lee contributes $270,000. Thei

r partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $150,000 for its first year, what amount of income is credited to Cox's capital account
Business
1 answer:
Naya [18.7K]1 year ago
6 0

If the partnership reports income of $150,000 for its first year, what amount of income is credited to Cox's capital account $47,500.

<h3>Partnership agreement calls for the income</h3>

                                                  Cox           North           Lee

Contribution                              $180,000   $150,000   $270,000

Interest On Capital balance     $9,000       $7,500       $13,500

Profit Allocation (Equally)         $40,000     $40,000     $40,000

Amount of Income credited to North's account = $7500 + $40,000 = $47,500

Allocated Profit = $150,000 - ($9,000+$7,500+$13,500) = $120,000

Equal Distribution = $120,000 / 3 = $40,000

To learn more about Equal Distribution visit the link

brainly.com/question/14259864

#SPJ4

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