Solve for X:1.5:3 = X:12

question 37

Multiple Choice

Solve for x:1.5:3 = x:12

• A)4
• B)4.5  
• C)6
• D)6.5  
• E)8

Understand the differences between a statement of partner's equity and a statement of owner's equity.

Grasp the mechanics of transactions involving changes in partnership equity.

Compute how changes in net income affect individual partner's capital accounts based on various agreements.

Understand how investments affect a partner's percentage interest in a partnership.

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Definitions:

Laffer Curve

A curve illustrating the relationship between the tax rate and tax revenues. Tax revenues will be low at both very high and very low tax rates. When tax rates are quite high, lowering them can increase tax revenue.

Tax Revenues

The income that is gained by governments through taxation.

Marginal Tax Rates

The rate of tax that applies to the next dollar of taxable income above a pre-determined threshold.

Excise Tax

A tax levied on specific goods, services, and activities, often included in the price of products like gasoline, tobacco, and alcohol.