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REFERENCE: Ref.14_02 a Partnership Began Its First Year of Operations with the with the Following

question 51

Multiple Choice

REFERENCE: Ref.14_02
A partnership began its first year of operations with the following capital balances:
Young,Capital: $143,000
Eaton,Capital: $104,000
Thurman,Capital: $143,000
The Articles of Partnership stipulated that profits and losses be assigned in the following manner:
Young was to be awarded an annual salary of $26,000 with $13,000 salary assigned to Thurman.
Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year.
The remainder was to be assigned on a 5:2:3 basis,respectively.
Each partner was allowed to withdraw up to $13,000 per year.
Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year.Assume further that each partner withdrew the maximum amount from the business each year.
-What was Young's share of income or loss for the second year?

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Definitions:

Voting Rights

The entitlement of shareholders to vote on company matters, typically at the annual general meeting, proportional to the number of shares they hold.

Dividends In Arrears

Dividend payments that a company owes to its preferred shareholders but has not yet paid out.

Common Stock Dividend

A portion of a company's earnings distributed to holders of its common shares, often in the form of cash or additional shares.

Retained Earnings

Profits that a company has earned to date, less any dividends or other distributions paid to shareholders.