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Gillie, Norma and Nancy are all partners in an architectural firm. They have no partnership agreement. Gillie contributed $120,000 to the firm and Norma and Nancy contributed $60,000 each. Norma works full-time in the partnership and Gillie and Nancy each work part-time. The partnership makes $120,000 in profits. How will the profits be divided among the partners

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Answer:

Gillie: $40,000

Norma $40,000

Nancy: $40,000

Explanation:

Calculation for How will the profits be divided among the partners

Based on the information given the profit will be divided equally among the three of them.

Gillie profit=$120,000/3

Gillie profit=$40,000

Norma profit =$120,000/3

Norma profit =$40,000

Nancy profit=$120,000/3

Nancy profit=$40,000

Therefore How will the profits be divided among the partners is :Gillie: $40,000

Norma $40,000

Nancy: $40,000

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