14. William and Smith formed a partnership with Scott who contributed \\( \\$ 100,000 \\), William who contributed \\( \\$ 30,000 \\), and Smith who contributed \\( \\$ 70,000 \\). Their partnership agreement called for the earnings division to be based on the ratio of capital investments. If the partnership had a profit of \\( \\$ 475,000 \\) for its first year of operation, how much would be credited to Smith's capital account? A. \\( \\$ 345,000 \\) B. \\( \\$ 130,000 \\) D. \\( \\$ 475,000 \\) C. \\( \\$ 166,250 \\) E. \\( \\$ 70,00 \\) \\( \\Lambda \\mathrm{CC} 210 \\) Final Review - Page 4 of 8 15. Accounts payable A. are long-term liabilities. B. have specific due dates. C. are estimated liabilities, D. are amounts owed to suppliers for products and services purchased on credit. E. all of these