Asked by Jared Gammell on Apr 24, 2024
Jane, Lynda, and Ginny run a consignment dress store. The partnership agreement states that the profits are distributed according to the hours each works in the store. For the month of July, profits are $8,500. The hours worked by Jane, Lynda and Ginny are 170, 190, and 200 respectively. How should the month's profits be allocated?
A) $2,000; $3,000; $3,000
B) $3,000; $3,000; 2,000
C) $2,883.93; $2,580.36; $3,035.71
D) $3,035.71; $2,883.93; 2,580.36
E) $2,580.36; $2,883.93; $3,035.71
Consignment Store
A retail store that sells items on behalf of the owner, paying them a portion of the sales proceeds.
Partnership Agreement
A legal document that specifies the rights, obligations, and responsibilities of each partner in a business partnership.
- Calculate investments and profit sharing in partnerships according to given ratios.
Learning Objectives
- Calculate investments and profit sharing in partnerships according to given ratios.
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