Question
In: Accounting
The partnership contract for Hanes and Jones LLP provides that Hanes is to receive a bonus...
The partnership contract for Hanes and Jones LLP provides that Hanes is to receive a bonus of 20% of net income (after the bonus) and that the remaining net income is to be divided equally. If the partnership income before the bonus for the year is $57,600, Hanes' share of this pre-bonus income is:
A. $28,800. B. $33,600. C. $34,560. D. $35,520. E. $38,40
Solutions
Expert Solution
Hanes' share of this pre-bonus income = Bonus + Share of remaining net income (after the bonus)
Hanes' share of this pre-bonus income = 20/120 * 57600 + (57600-20/120 * 57600 )*1/2
Hanes' share of this pre-bonus income = $ 33600
Answer
B. $33,600
ekkarill92 answered 2 years agoRelated Solutions
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