REFERENCE: Ref.14_01 Cleary,Wasser,and Nolan Formed a Partnership on January 1,2007,with Investments of Investments

question 75

Multiple Choice

REFERENCE: Ref.14_01
Cleary,Wasser,and Nolan formed a partnership on January 1,2007,with investments of $100,000,$150,000,and $200,000,respectively.For division of income,they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser,and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary,and 40% each for Wasser and Nolan.Net income was $150,000 in 2007 and $180,000 in 2008.Each partner withdrew $1,000 for personal use every month during 2007 and 2008.
-What was Wasser's share of income for 2007?

• A)$63,000.
• B)$53,000.
• C)$58,000.
• D)$29,000.
• E)$51,000.

---

Definitions:

Proximity

The physical or psychological closeness between people, objects, or ideas, which can influence social relations and interactions.

Physical Nearness

The spatial proximity of one object or person to another, which can influence social interactions and relationships.

Social Connections

The relationships individuals have with others, which can provide emotional, informational, and practical support.

Loneliness

A subjective feeling of isolation or being alone, regardless of the amount of social contact or presence of others, often accompanied by sadness or discomfort.