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Question
Details of the division of net income for a partnership should be disclosed in the
a. Assets section of the balance sheet
b. partners’ subsidiary ledger
c. statement of cash flows
d. partnership income statement
Use this information to answer the questions that follow.
The capital accounts of Hawk and Martin have balances of $160,000 and $140,000, respectively, on January 1, the beginning of the current fiscal year. On April 10, Hawk invested an additional $10,000. During the year, Hawk and Martin withdrew $86,000 and $68,000, respectively, and net income for the year was $258,000. The articles of partnership make no reference to the division of net income.
Answer
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