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:

Nonverbal Cues

Communication without words, including gestures, body language, facial expressions, and other visual cues.

Proximity

Physical or psychological closeness between people, which can influence various aspects of interpersonal relationships, including attraction and communication.

Chromatics

The study of color, often in relation to its properties and impacts in various contexts such as art, design, and psychology.

Color

A property of light as seen by people, primarily red, green, or blue, and perceived through sight.