Business, 18.02.2020 22:54 culbertchristi6111
Lewis, Clark, and Beal enter into a written agreement to form a partnership. The agreement requires that the partners make the following capital contributions: Lewis, $40,000; Clark, $30,000; and Beal, $10,000.
It is also agreed that, in the event that the partnership experiences losses in excess of available capital, Beal will contribute additional capital to the extent of the losses. The partnership agreement is otherwise silent about division of profits and losses.
Which of the following statements is correct?
a. Profits are to be divided among the partners in proportion to their relative capital contributions.
b. Profits are to be divided equally among the partners.
c. Losses will be allocated in a manner different from the allocation of profits, because the partners contributed different amounts of capital.
d. Beal's obligation to contribute additional capital would have an effect on the allocation of profit or loss to Beal.
Answers: 3
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Lewis, Clark, and Beal enter into a written agreement to form a partnership. The agreement requires...
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