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19. Tom and Jerry went into business as a partnership, with Tom investing cash of $90,000 and Jerry investing $10,000. They had no partnership agreement.
19.Tom and Jerry went into business as a partnership, with Tom investing cash of $90,000 and Jerry investing $10,000. They had no partnership agreement. If they incur a $20,000 loss, how must they split the loss?
A. in the ratio of their investment
b. 90:10
c. 60:40
d. 50:50
20.Social Security taxes (Social Security and Medicare) are paid by
a. employee only
b. employer and employee
c. neither employer nor employee
d. employer only
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