Question
Jackie and Jack created are in a partnership. Jackie contributed $400,000 in property and Jack $600,000 in cash as. Jack provided another $300,000 as an
Jackie and Jack created are in a partnership. Jackie contributed $400,000 in property and Jack $600,000 in cash as. Jack provided another $300,000 as an interest-free loan. Jack performed approximately 60 percent of the partnership's work, while Jackie devoted most of her time to various charitable causes unrelated to their business. Now dissolved, the sale of assets produced $1.2 million. It is necessary to spend $200,000 on debts to creditors.
a)Will they receive the same amount?
b)Will Jackie receive $800,000?
c)Will each receive original contributions?
d)Will Jack receive amount equalling to the 60% of work he performed?
A previous tutor answered Jackie would receive 650k and while I understand how they got to that number, that's not one of the choices my prof has provided in this practice question.
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