Keith and Jim Are Partners

question 146

Multiple Choice

Keith and Jim are partners.Keith has a capital balance of $51,000 and Jim has a capital balance of $39,000.Bill invested a building worth $27,000 to the partnership for an ownership interest of 20%.How much is the total bonus for the existing partners?

• A)$12,000
• B)$13,500
• C)$3,600
• D)$27,000

Recognize the influence of technology on organizational structure and design, including operations technology and information technology.

Understand the characteristics and implications of process designs and technology classifications in organizations.

Understand the legal principle of disaffirmance by minors in contracts.

Grasp the impact of mental incapacity on the validity of contracts.

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Definitions:

Debtor

An individual or organization that owes money to another entity.

Chapter 7

Chapter 7 refers to a chapter of the U.S. Bankruptcy Code that provides for the liquidation of a debtor's non-exempt assets to pay off creditors.

Fresh Start

An opportunity to begin again or reset one's circumstances often in a positive and improved direction.

Discharge

Discharge in legal terms often refers to the release or termination of a legal obligation or debt.