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

question 20

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 Eaton's share of income or loss for the second year?

• A)$17,160 income.
• B)$4,160 income.
• C)$19,760 income.
• D)$17,290 income.
• E)$28,080 income.

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Definitions:

TOF Timer

A timer off-delay instruction in PLC programming, which delays turning off an output for a specified time after its input becomes false.

Rung Conditions

In ladder logic programming, these refer to the criteria or states that must be met for the logic within a rung of a ladder diagram to be executed.

Time Increment

A specified increase in time, used in scheduling, simulations, or time-based calculations.

Milliseconds

A unit of time equal to one-thousandth of a second, commonly used to measure durations that require high precision, such as response times in computers.