Tracy and Dennis Are Partners in a Business Calculate Each Partner's Share of Profits and Losses, Assuming (A)

question 71

Essay

Tracy and Dennis are partners in a business. Tracy's original capital contribution was $40,000, and Dennis's was $60,000. They agreed to share profits and losses as follows:
$\begin{array}{lrr} &{\text { Tracy }} &{\text { Dennis }} \\\text { As salaries } & \$ 36,000 & \$ 48,000 \\\text { As interest on original capital } & 10 \% & 10 \% \\\text { Remaining profits or losses } & 2 / 3 & 1 / 3 \\\end{array}$ Calculate each partner's share of profits and losses, assuming (a) the profit was $100,000, (b) the profit was $70,000, and (c) the loss was $8,000.

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Minors

Individuals under the legal age of adulthood, typically under 18 years old, often subject to specific legal protections and restrictions.

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Conditions that impair cognitive functioning and social abilities, affecting an individual's daily life and mental processes.

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