Pac-Link Technologies Is a Partnership Owned and Operated by Tom

question 95

Essay

Pac-link Technologies is a partnership owned and operated by Tom Kennedy and Mike McConnell. To recognize the fact that the partners have invested significantly different amounts of capital and that Tom works full time, while Mike works only part time, the partnership agreement states that the profit will be allocated as follows: An interest allowance of 3% of each partner's beginning capital balance plus a salary allowance of $85 per hour worked. Any remaining profit or loss after calculation of these allowances will be allocated equally. At January 1, 2014, Tom's capital account balance was $15,000 and Mike's was $20,000. During the year ended December 31, 2014, Tom worked 1,200 hours and Mike worked 550 hours.
Instructions
a. Calculate each partner's share of profit assuming that profit for the year ended December 31, 2014 is $196,000.
b. Calculate each partner's share of profit assuming that profit for the year ended December 31, 2014 is $88,000.

Explain the significance and examples of culture-specific syndromes.

Understand the concept of security interests and their perfection under the Uniform Commercial Code (UCC).

Differentiate between consumer goods and goods for business use in the context of secured transactions.

Recognize the processes involved in perfecting a security interest, including filing and possession.

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Definitions:

Pott Fracture

A type of fracture affecting the fibula near the ankle, often involving ligament damage.

Spiral

A curve which emanates from a center point, getting progressively farther away as it revolves around the point.

Transverse

Positioned or lying across; situated crosswise.

Arthrography

A diagnostic imaging technique used to visualize the inside of a joint using X-ray after injecting a contrast medium.