What did I do wrong?
1 answer:
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Answer:
The first partner will receive $52950, the second partner will receive $35300, the third partner will receive $88250.
Step-by-step explanation:
The profits in the business are to be shared by the three partners in the ratio of 3 to 2 to 5, in that order.
That is:
3 : 2 : 5
The profit for the year was $176,500.
To find the number of dollars that each partner, we have to first find the total ratio and then divide each of the ratios by the total ratio and multiply by the profit.
The total ratio is:
3 + 2 + 5 = 10
The first partner will receive 3/10 of the profits:
= $52950
The second partner will receive 2/10 of the profits:
= $35300
The third partner will receive 5/10 of the profits:
= $88250
The first partner will receive $52950, the second partner will receive $35300, the third partner will receive $88250.