Allison and Josh Are Partners in a Business

question 22

Multiple Choice

Allison and Josh are partners in a business. Allison's capital is $60,000 and Josh's capital is $100,000. Profits for the year are $80,000. They agree to share profits and losses as follows: Josh's share of the profit is:

• A)$32,000.
• B)$44,000.
• C)($8,000).
• D)None of the above.

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Definitions:

Party Against Enforcement

The individual or entity against whom the application of a law, regulation, or contract is sought to be enforced.

Completely Integrated Contract

a legal document constituting a final and complete agreement between parties, in which no external agreements can contradict its terms.

Lengthy Terms

Extended periods or durations, often used in the context of contracts, agreements, sentences, or commitments.

Final Statement

A document summarizing all the terms, conditions, fees, and charges at the closing of a financial transaction.