Profits and losses are split as follows: Allen (20 percent), Burns (30 percent), and Costello (50 percent). Costello wants to le

Question

2 years ago

13

Profits and losses are split as follows: Allen (20 percent), Burns (30 percent), and Costello (50 percent). Costello wants to le

ave the partnership and is paid $100,000 from the business based on provisions in the articles of partnership. If the partnership uses the bonus method, what is the balance of Burns’s capital account after Costello withdraws?
a. $24,000

Advanced Placement (AP)

1 answer:

Katena32 [7] · Answer 1 · 2022-08-09T13:45:02+03:00

Katena32 [7]2 years ago

4 0

Answer:

A. 24,000 is the correct answer.

Explanation: