7. Upon the formation of a partnership, Sally contributed 70% of the net assets, Mary contributed 30%, and Jenny contributed no assets. However, Jenny has special expertise. In recognition of this fact, the partnership agreement specifies that Jenny is entitled to 15% of the net assets of the business. Profits and losses are shared based upon capital balances. Under the agreement, Marys capital share is:

A. 25.5%

B. 25%

C. 20%

D. 15.5%

8. Upon what is the partnership is based?

A. generally accepted accounting principles

B. Certified Partnership Association

C. Unified Partnership Act

D. none of the above