The Profit of the Miskell and Leblanc Partnership Is $30,000

question 7

Multiple Choice

The profit of the Miskell and Leblanc partnership is $30,000. The partnership agreement specifies that Miskell and Leblanc have a salary allowance of $8,000 and $12,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of $20,000. Any remaining profit or loss is shared equally.
-What is the balance of Leblanc's Capital account at the end of the year after profit has been distributed?

• A) $34,000
• B) $32,000
• C) $37,000
• D) $35,000

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Definitions:

Symbolic Interactionism

A sociological perspective focusing on the meanings individuals attach to objects, events, and behaviors, and how these meanings are constructed and maintained through social interaction.

Functionalism

A theoretical perspective that views society as a complex system whose parts work together to promote solidarity and stability.

Feminism

A movement aimed at achieving equality between the genders, particularly focusing on women's rights and issues.

Class Conflict

The tension or antagonism between different social classes, often arising from disparities in wealth, power, and interests.