Ten Years Ago,Tad and Tori Created a Partnership

question 32

Multiple Choice

Ten years ago,Tad and Tori created a partnership.At that time,Tad contributed $400 000 in property and Tori contributed $600 000 in cash as capital for the partnership.Two years later,Tori provided $300 000 to the partnership as an interest-free loan.That loan has not yet been repaid.During the entire life of the partnership,Tori performed approximately 60 percent of the partnership's work,while Tad tended to devote much of his time to various charitable causes that were unrelated to the partnership.The partnership has now been dissolved.Sale of the partnership assets produced a fund of $1.2 million.It is necessary to spend $200 000 on debts that the partnership still owes to various creditors.Assuming that the parties have not replaced or modified the default rules applicable to their partnership,

• A)Tori will receive an amount equal to her original contribution and repayment of her loan.
• B)Tori will receive an amount that reflects the fact that she performed 60 percent of the partnership's work.
• C)Tad and Tori will receive the same amount.
• D)A judge will consider all of the circumstances and then exercise a discretion to determine how much each party is entitled to receive.
• E)Tori will receive $800 000.

Appreciate the value of diversity in the workplace and its impact on creativity, productivity, and competitiveness.

Understand the legal aspects of discrimination, unconscious bias, and affirmative action in the workplace.

Recognize the importance of multicultural experiences in fostering business innovation and creativity.

Know the significance of building diverse teams from various educational backgrounds and business specialties.

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Definitions:

FOB Shipping Point

A term used in shipping agreements indicating the buyer is responsible for the goods and shipping costs as soon as they leave the seller's premises.

Perpetual System

An inventory accounting system that records inventory purchases and sales in real-time, providing a continuous record of inventory levels.

Freight Costs

Freight Costs entail the charges incurred for the transportation of goods by land, sea, or air.

Perpetual System

A system for managing inventory that instantly logs sales or purchases via computerized point-of-sale systems and enterprise asset management software.