A Partnership Began Its First Year of Operations with the Following

question 72

Multiple Choice

A partnership began its first year of operations with the following capital balances:

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 to Young, Eaton, and Thurman, respectively.
Each partner withdrew $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.
What was the balance in Thurman's Capital account at the end of the second year?

• A) $133,380.
• B) $84,760.
• C) $105,690.
• D) $132,860.
• E) $71,760.

Comprehend the main goals of psychology (describe, explain, predict, and control behavior).

Recognize the importance of naturalistic observation and case studies in understanding behavior.

Describe the major perspectives in psychology and their focus areas.

Understand the process of operationalization in research.

---

Definitions:

Population Variances

A measure of the dispersion or spread of a population's values, calculated as the average of the squared differences from the population mean.

Sample Variance

A measure of the dispersion of a sample dataset, calculating how much the sample data points deviate from the sample mean.

Equal

Being the same in value, quantity, or measure between two or more entities or conditions.

Standard Deviation

A measure that quantifies how much a set of data diverges from its mean value.