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The partnership of X and Y shares profits and losses in the ratio of 60...

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Accounting

The partnership of X and Y shares profits and losses in the ratio of 60 percent to X and 40 percent to Y. For the year 2008, partnership net income was double X's withdrawals. Assume X's beginning capital balance was $80,000, and ending capital balance (after closing) was $140,000. Partnership net income for the year was: A. $120,000. B. $300,000. C. $500,000. D. $600,000.

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