In December of 2014, Miss Havisham and Pip Form a Wedding

question 51

Essay

In December of 2014, Miss Havisham and Pip form a wedding planning business. Each of them own 50 percent of the partnership. The partnership establishes a September 30th year-end since most weddings are during the summer. Therefore, the partnership year-end is September 30, 2015. For the month of December 2014, the partnership made $3,000 after Miss Havisham's guaranteed payment of $1,000. From January through September of 2015, the partnership made a net income of $65,000 after a $1,500 per month guaranteed payment to Miss Havisham.
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a. How much income should Miss Havisham report for 2014?
b. How much income should Miss Havisham report for 2015?

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Definitions:

Northern European

Pertaining to the geographic region in Europe that includes countries like Denmark, Finland, Iceland, Norway, and Sweden, known for their Viking history and cold climates.

Self-Portrait

An artist's representation of themselves, which may be expressed through various artistic mediums such as painting, photography, or sculpture.

Landscape Painter

An artist who specializes in the depiction of natural scenery such as mountains, valleys, trees, rivers, and forests, primarily focusing on the beauty of nature.

Albrecht Dürer

A German Renaissance artist known for his high-quality woodcut prints and engravings.