In the absence of an agreement, how will the net income be distributed between Ethan Arnold and Tessa Winthrop, partners in the firm of A and W Environmental Engineering? All partners agree that $150,000 of accounts receivable invested by a partner will be collectible to the extent of 90%. How should the accounts receivable be recorded in the general ledger of the partnership? During the current year, Marsha Engles withdrew $4,000 monthly from the partnership of Engles and Cox Water Management Consultants. Is it possible that her share of partnership net income for the current year might be more or less than $48,000? Explain.
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