Fox, dodge, and gilbey agreed to become limited partners in palatine ventures, a limited partnership. in a signed writing, each agreed to contribute $20,000. fox’s contribution consisted entirely of cash, dodge contributed $12,000 in cash and gave the partnership her promissory note for $8,000, and gilbey’s contribution was his promise to perform two hundred hours of legal services for the partnership. explain what liability, if any, fox, dodge, and gilbey have to the partnership by way of capital contribution.

Chuck, a single taxpayer, earns $80,750 in taxable income and $30,750 in interest from an investment in city of heflin bonds. (use the u.s. tax rate schedule.) (do not round intermediate calculations. round your answers to 2 decimal places.)

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.

Labor unions have used which of the following to win passage of favorable laws such as shorter work weeks and the minimum wage? a. strikes b. collective bargaining c. lobbying d. lockouts