Nevil, Symon and Symone started a business investing $60,000, $67,500, and $78,000 respectively. Drawings were as follows: Nevil - $10,000, Symon - $13,000, and Symone - $8,000. Interest on drawing and on capital are both at 5%. Symon received a salary of $1,500 per month. The annual profit amounte to $116,000. Calculate the remainder of profit to be shared among the partners. O a. $117,550 b. $28,275 O c. $89,275 O d. $205,500
Nevil, Symon and Symone started a business investing $60,000, $67,500, and $78,000 respectively. Drawings were as follows: Nevil - $10,000, Symon - $13,000, and Symone - $8,000. Interest on drawing and on capital are both at 5%. Symon received a salary of $1,500 per month. The annual profit amounte to $116,000. Calculate the remainder of profit to be shared among the partners. O a. $117,550 b. $28,275 O c. $89,275 O d. $205,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Nevil, Symon and Symone started a business investing $60,000, $67,500, and $78,000 respectively.
Drawings were as follows: Nevil - $10,000, Symon - $13,000, and Symone - $8,000. Interest on drawings
and on capital are both at 5%. Symon received a salary of $1,500 per month. The annual profit amounted
to $116,000.
Calculate the remainder of profit to be shared among the partners.
O a. $117,550
b.
$28,275
O c. $89,275
O d. $205,500
CLEAR MY CHOICE](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37a1dc8c-ed8f-4b67-a3bf-4998321dfb52%2F108b2322-18eb-4682-adf6-05ef3e129cf4%2Fyk1d5qo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Nevil, Symon and Symone started a business investing $60,000, $67,500, and $78,000 respectively.
Drawings were as follows: Nevil - $10,000, Symon - $13,000, and Symone - $8,000. Interest on drawings
and on capital are both at 5%. Symon received a salary of $1,500 per month. The annual profit amounted
to $116,000.
Calculate the remainder of profit to be shared among the partners.
O a. $117,550
b.
$28,275
O c. $89,275
O d. $205,500
CLEAR MY CHOICE
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