Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kaz and Tommy are partners. Kaz contributed $30,000 of capital to the partnership and Tommy contributed $15,000. Kaz does 70 percent of the partnership's work,
Kaz and Tommy are partners. Kaz contributed $30,000 of capital to the partnership and Tommy contributed $15,000. Kaz does 70 percent of the partnership's work, while Tommy does 30 percent. They agree that Kaz will assume 60 percent of partnership losses and Tommy 40 percent. They have not decided how to share profits. The partnership earns a profit of $90,000. What is Tommy's share of the profits?
A)$45,000
B)$30,000
C)$27,000
D)$36,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started