Apartnership begins its first year with the following capital balance: alfred, capital $50,000 bernard, capital ..60,000 collins, capital ..70,000 the articles of partnership stipulate that profits and losses be assigned in the following manner: each partner is allocated interest equal to 5 percent of the beginning capital balance. bernard is allocated compensation of $18,000 per year. any remaining profits and losses are allocated on a 3-3-4 basis, respectively. each partner is allowed to withdraw up to $5,000 cash per year. assuming that the net income is $60,000 and that each partner withdraws the maximum amount allowed, what is the balance in collins capital account at the end of that year

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; foreign exchange transaction;