The Partnership Agreement of Nieto, Keller, and Pickert Provides for the Following

question 103

Multiple Choice

The partnership agreement of Nieto, Keller, and Pickert provides for the following income ratio: (a) Nieto, the managing partner, receives a salary allowance of $36,000, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Nieto $200,000, Keller $400,000, and Pickert $600,000. If partnership net income is $180,000, the amount distributed to Nieto should be:

• A) $30,000
• B) $54,000
• C) $60,000
• D) $66,000

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Definitions:

Polygynous Society

A social structure where a man is allowed to have more than one wife at the same time.

Gender Roles

The societal norms dictating the behaviors, attitudes, and activities considered appropriate for individuals based on their perceived sex.

Anthropological Definition

Refers to explanations or concepts derived from the study of human societies, cultures, and their development.

Marriage

A socially or ritually recognized union between two people establishing rights and obligations between them.