Baldwin and Tanner Formed a Partnership

question 68

Essay

Baldwin and Tanner formed a partnership.Baldwin's initial capital account balance was $125,000 and Tanner's was $105,000.They agreed to share income and loss as follows: Baldwin 40%,Tanner 60%.Income was $102,000 in year 1 and $150,000 in year 2.Assume they each withdrew $10,000 per year.Calculate the capital balances for Baldwin and Tanner at the end of year 2.

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Definitions:

Behavioural Genetics

The academic discipline that investigates the impact of genetics and environmental factors on behavioral patterns.

Biological Perspective

An approach in psychology that examines behavioral and mental processes through the lens of biological processes, including genetics, neuroanatomy, and physiology.

Nurture Perspective

The viewpoint that environmental factors such as education, culture, and personal experiences play a crucial role in an individual's development.

Self-report Inventories

Questionnaires or surveys where individuals provide information about themselves, often used in psychological assessments.