Table 12-13 Burns and Allan Have Formed a Partnership and Invested $40,000

question 133

Essay

Table 12-13
Burns and Allan have formed a partnership and invested $40,000 and $60,000, respectively. They have agreed to share profits as follows:
1) An annual allocation to Burns of $20,000 and to Allan of $10,000 based on service
2) The next $15,000 is to be allocated according to their original capital contributions to the partnership.
3) The remainder is to be allocated 5:4 respectively
-Refer to Table 12-13.Assuming that the business earns $135,000,allocate the income to Burns and Allan.

---

Definitions:

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured by GDP.

Environmental Integrity

The maintenance of the world's physical, biological, and chemical environments to sustain ecosystem health and function.

Centenarians

People who have reached the age of 100 years or older, a milestone achieved by a small fraction of the population.

Ecological Footprint

An estimation of the land and water area required to produce all the goods an individual consumes and to assimilate all the waste an individual generates.