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Assume xs beginning capital balance was 80000 and ending

1. 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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Accounting Basics: Assume xs beginning capital balance was 80000 and ending

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