REFERENCE: Ref.14_05 Donald,Anne,and Todd Have the Following Capital Balances;$40,000,$50,000 and $30,000 Respectively.The

question 8

Multiple Choice

REFERENCE: Ref.14_05
Donald,Anne,and Todd have the following capital balances;$40,000,$50,000 and $30,000 respectively.The partners share profits and losses 20%,40%,and 40% respectively.
-Anne retires and is paid $80,000 based on the terms of the original partnership agreement.If the bonus method is used,what is the capital of the remaining partners?

• A)Donald,$40,000;Todd,$30,000
• B)Donald,$30,000;Todd,$10,000
• C)Donald,$50,000;Todd,$50,000
• D)Donald,$80,000;Todd,$70,000

Understand the effect of OPEC's decisions on crude oil prices and the global economy.

Grasp the concept of tax burden distribution across different market elasticities.

Comprehend the implications of price ceilings and floors in market equilibrium.

Analyze the factors that determine the incidence of tax between buyers and sellers.

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Definitions:

Insurance Policy

A contract between an insurer and a policyholder wherein the insurer promises to pay for specific potential future losses in exchange for a periodic payment.

Expected Loss

The anticipated amount of loss a business may suffer due to risks or future uncertainties.

Probability

A numerical expression between 0 and 1 that indicates how likely an event is to occur.

Property Loss

Property loss refers to the damage or destruction of property, leading to a financial loss to the owner or insured party.