Gary and Felix Are Partners in a General Partnership

question 14

Multiple Choice

Gary and Felix are partners in a general partnership.Gary does 2/3^rd of the partnership work,while Felix does 1/3^rd of the work.Last year the partnership earned $300,000 in profits.Under the RUPA,how much of the $300,000 is Felix entitled to receive?

• A) $200,000
• B) $150,000
• C) $100,000
• D) $250,000

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Definitions:

Accounts Receivable

Money owed to a company by its customers for goods or services delivered on credit.

Credit Sales

Sales made by a business where payment is delayed as per agreement, acknowledging the goods are sold on credit.

Selling Price

The amount of money for which a product or service is sold, determined by factors such as cost, market demand, and competition.

Raw Materials Inventory

The total cost of all components and materials stored and awaiting use in the production process, forming a significant part of a manufacturing company's current assets.