Macy and John Have Capital Account Balances at the End

question 22

Multiple Choice

Macy and John have capital account balances at the end of the year of $100 000 and $25 000 respectively. Profit of the partnership is $105 000. The profit and loss sharing agreement calls for (1) a salary of $40 000 to Macy and $35 000 to John, (2) interest of 5% p.a. on capital balances, (3) the residual profit to be split 80:20 in favour of Macy. Macy's share of the distribution is:

• A) $26 000
• B) $64 000
• C) $41 000
• D) $45 000

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The provision of emergency assistance and support to individuals and communities affected by natural or man-made disasters, aiming to mitigate immediate harm and long-term consequences.

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The process of combining or coordinating separate elements to work together in a unified system.

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A form of physical discipline involving hitting the buttocks, typically with an open hand, used by some as a punitive measure for children.

Discipline

A field of study or branch of knowledge, or the practice of training individuals to follow a specific code of behavior, often through correction and instruction.