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qid 837 · business

Question: Jim and Joe are partners who share profits and losses equally. Last year, their firm's net profit was $28,400. What is each partner's profit?

  1. $4,200 each
  2. $7,200
  3. $9,450 each
  4. $10,800 each
  5. $16,800 each
  6. $12,000 each
  7. $14,200
  8. $18,933 each
  9. $21,600
  10. $28,400

Our answer: G. $14,200 Source quote machine-checked (exact quote)

A machine check confirms the quoted words appear at the source. A person has not yet reviewed these. EARN MARKS as a Human Reviewer

How it was answered

Stored formula / worked method, replayed by code

Partnership equal profit allocation problem

card: formula · card sha256 2a70bd3472e64250…

Current source

Massachusetts General Laws, Part I, Title XV, Chapter 108A, Section 18(a) (Uniform Partnership Act, adopted)

https://malegislature.gov/Laws/GeneralLaws/PartI/TitleXV/Chapter108A/Section18

“(a) Each partner shall be repaid his contributions, whether by way of capital or advances to the partnership property, and share equally in the profits and surplus remaining after all liabilities, including those to partners, are satisfied; and except as provided in section fifteen, each partner must contribute towards the losses, whether of capital or otherwise, sustained by the partnership…”

Source quote machine-checked (exact quote)

retrieved 2026-09-18T00:09:52.168Z

page text sha256 4547a418252166f9… · content sha256 2b56daa0ef13f4d0…

addendum formula_qid837.formula_ADDENDUM_source_rs20260918T000952Z · sha256 8838bab3f8c575ab… · replaces the version below, addendum sha256 d96ab2cec859b6db…

Earlier version (superseded)

https://www.irs.gov/publications/p541

Source weak (http_get_200_text_and_question_terms)

retrieved 2026-09-17T00:32:28.801Z

page text sha256 23d95eb786f08bf0… · content sha256

addendum formula_qid837.formula_ADDENDUM_source_relabel_unverified20260917T012453Z · sha256 d96ab2cec859b6db… · replaces the version below, addendum sha256 019f71fdd05f38ab…

Earlier version (superseded)

https://www.irs.gov/publications/p541

Source weak (http_get_200_text_and_question_terms)

retrieved 2026-09-17T00:32:28.801Z

page text sha256 23d95eb786f08bf0… · content sha256

addendum formula_qid837.formula_ADDENDUM_source_bf20260917T003228Z · sha256 019f71fdd05f38ab… · replaces the version below, addendum sha256 7172ead0241a97a4…

Earlier version (superseded)

No public source has been found for this card yet (5 places checked internally).

addendum formula_qid837.formula_ADDENDUM_source · sha256 7172ead0241a97a4…

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