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 2018. During 2018, 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 2018?
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 2018. During 2018, 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 2018?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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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 2018. During 2018, 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 2018?
Group of answer choices
$633,334
$466,666
$300,000
$190,000
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