The Joseph and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $393000 for Joseph and $210000 for Rodin. At the beginning of the year. Joseph's Capital account had a balance of $796000, while Rodin's Capital account had a balance of $691000. Net income for the year was $490000. The balance of Rodin's Capital account at the end of the year after closing is O $957500. Ⓒ$901000. $201000. $844500. D
The Joseph and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $393000 for Joseph and $210000 for Rodin. At the beginning of the year. Joseph's Capital account had a balance of $796000, while Rodin's Capital account had a balance of $691000. Net income for the year was $490000. The balance of Rodin's Capital account at the end of the year after closing is O $957500. Ⓒ$901000. $201000. $844500. D
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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The Joseph and Rodin partnership agreement stipulates that
Transcribed Image Text:The Joseph and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of
$393000 for Joseph and $210000 for Rodin. At the beginning of the year, Joseph's Capital account had a balance of $796000, while
Rodin's Capital account had a balance of $691000. Net income for the year was $490000. The balance of Rodin's Capital account at
the end of the year after closing is
Ⓒ$957500.
Ⓒ$901000.
O $201000.
$844500.
K
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