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

question 16

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 Cleary's capital balance at the end of 2007?

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Definitions:

Contrast Error

Occurs when we compare people against one another instead of against an objective standard.

Nonrelevancy Error

An error made during the employee appraisal process where information irrelevant to job performance influences the evaluation.

First-impression Error

is a bias in evaluation or judgment where early information or initial impressions unduly influence someone's perception of another person or situation.

On-the-job Training

A method of professional development where employees acquire skills and knowledge during the course of their regular work activities, often under the guidance of experienced colleagues.