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

question 27

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 capital balance at the end of 2007?

• A)$150,000.
• B)$160,000.
• C)$165,000.
• D)$213,000.
• E)$201,000.

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Definitions:

Single Gene

Refers to a trait or condition determined by a single gene in an organism's genome.

DNA

Deoxyribonucleic acid, the self-replicating material present in nearly all living organisms, serving as the carrier of genetic information.

Base Pairs

The pairs of nucleotides (adenine with thymine, and cytosine with guanine) that form the rungs of the DNA double helix, essential for coding genetic information.

DNA Molecule

A DNA molecule is a complex, double-helical structure carrying the genetic information necessary for an organism's growth, development, functioning, and reproduction.