Frazier and Roz Are Partners

question 74

Essay

Frazier and Roz are partners.Frazier contributes $30,000 to the partnership,and Roz contributes $10,000.They agree that Frazier will assume 70 percent of partnership losses and that Roz will assume 30 percent.They make no agreement about how to share profits.The partnership has a profit of $60,000 in its first year.How much of the profits is Frazier entitled to receive?

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Definitions:

Variable Costing

An accounting method where only variable costs (costs that change with production levels) are included in product costs, excluding fixed costs.

Net Operating Income

The total profit of a business after operating expenses have been deducted, but before taxes and interest.

Variable Costing

An accounting method that includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in the cost of goods sold, excluding fixed manufacturing overhead.

Contribution Margin

The gap between sales income and variable expenses, showing the extent to which income aids in offsetting fixed expenses and creating earnings.