Ranger and Sol Formed a Partnership with Capital Contributions of $150,000

question 53

Essay

Ranger and Sol formed a partnership with capital contributions of $150,000 and $180,000,respectively.Their partnership agreement called for Ranger to receive a $60,000 annual salary allowance.They also agreed to allow each partner a share of income equal to 10% of their initial capital investments.The remaining income or loss is to be divided equally.If the net income for the current year is $110,000,what are Ranger's and Sol's respective shares?

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Definitions:

Minnesota Multiphasic Personality Inventory

A comprehensive psychological test that assesses personality traits and psychopathology.

Psychological Disorders

Mental disorders characterized by patterns of thought, feeling, and behavior that are disruptive, distressing, and impair one's ability to function.

Thematic Apperception Test

A projective psychological test in which subjects reveal their underlying emotions, attitudes, and needs through the stories they make up about ambiguous pictures.

MMPI

The Minnesota Multiphasic Personality Inventory, a standardized psychometric test of adult personality and psychopathology.