Baldwin and Tanner Formed a Partnership

question 68

Essay

Baldwin and Tanner formed a partnership.Baldwin's initial capital account balance was $125,000 and Tanner's was $105,000.They agreed to share income and loss as follows: Baldwin 40%,Tanner 60%.Income was $102,000 in year 1 and $150,000 in year 2.Assume they each withdrew $10,000 per year.Calculate the capital balances for Baldwin and Tanner at the end of year 2.

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Definitions:

"It Gets Better"

A social media campaign aimed at providing hope and encouragement to young LGBTQ+ individuals facing harassment or difficulties.

Heterosexism

An ideological system that denies, derogates, or stigmatizes non-heterosexual forms of behavior, identities, relationships, or communities.

Serial Monogamy

The practice of engaging in a series of monogamous sexual relationships where an individual has only one sexual partner at a time but multiple partners in their lifetime.

Functionalism

A theoretical framework in sociology that focuses on the functions or roles of society's various parts in maintaining societal stability and equilibrium.