Ask Question

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

+1
Answers (1)
  1. 10 May, 10:41
    0
    A. 24,000 is the correct answer.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Profits and losses are split as follows: Allen (20 percent), Burns (30 percent), and Costello (50 percent). Costello wants to leave the ...” in 📗 Advanced Placement (AP) if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers