3. A contributes $25,000; B, $30,000; C, $35,000. Later A withdraws $2500; B, $2000; C, $4000. At the end of the year the business shows the following conditions: Building and grounds, $50,000; cash, $6480; mdse., $34800; bills receivable, $4200; accounts receivable, $18450; accounts payable, $4360. What is the net gain, deducting 10% from the accounts receivable for bad debts? Dividing the gain equally, what is the present worth of the partners?

4. A contributes his services; B contributes $10,000 and good will; C contributes $20,000. A is to receive 50% of the net profit and B and C share the remainder equally. The first year shows net profits of $8000. Find the present worth of each partner.

5. In a partnership four partners made installments and withdrawals of capital as follows: January 1, 1915, A put in $15,000, May 1, added $10,000, and withdrew $8000 Oct. 1. B put in $20,000 Jan. 1, withdrew $5000 July 1, added $2000 Nov. 1. C put in $15,000 Jan. 1, withdrew $5000 April 1, added $20,000 Sept. 1. D put in $25,000 Jan. 1, withdrew $15,000 May 1, added $5000 Aug. 1, added $2000 Nov. 1. The net gain for the year was $16,500. Find the present worth of each partner, the profits being apportioned according to monthly investment.

6. A and B engaged in trade. A put in $4500 at first, and 8 months afterward $300. B put in at first $2000 and at the end of 6 months took out $300. At the end of 16 months their gain was $2750. What was the share of each?

7. X, Y, and Z form a company with investments of $12,000, $15,000 and $18,000 respectively. X draws out $2000 after 4 months, $3000 in 6 months; Y puts in $3000 after 6 months and draws out $4000 at the end of 10 months; Z puts in $2000 at the end of 6 months and draws out $4000 at the end of 10 months. The gain at the end of 18 months was $7800. Find each one's share of the gain.

8. In a company Brown put in $15,000 of the capital for six months; Jones put in $25,000 for 9 months and Smith put in $18,500 for one year. How much was each one's share of the capital at the end of the year if the gains were $45,000?

644. Partnership Statement. A partnership statement is best understood from an example.

The firm of Davis, Iverson, and Co. consisted of three partners, Davis, Iverson, and Forbes, Forbes being a silent partner. The partners made investments and withdrawals as follows: January 1, Davis invested $20,000, April 1 invested $5000, July 1 withdrew $4000, November 1 withdrew $3000; January 1 Iverson invested $15,000, July 1 invested $5000, October 1 invested $10,000, February 1 withdrew $2500, August 1 withdrew $3000 and December 1 withdrew $1000; January 1, Forbes invested $10,000, June 1 invested $9000, August 1 invested $5000, March 1 withdrew $1000, May 1 withdrew $15,000, November 1 withdrew $1000. From these data find net gain, and apportion it according to total monthly investment. Then copy and complete the partnership

PROBLEMS

For each of the following make a complete partnership statement. 1. Harper and Baird enter a partnership agreeing to bear all losses and share all profits in proportion to their investments. Harper invested, January 1, $8000; May 1, $1000; September 1, $3000; withdrew $1000, July 1; $1500 on November 1. Baird invested $12,000, January 1, and $4000, October 1, withdrew $1500, May 1, and $1000, August 1. At the end of the year their books showed :

Resources: cash, $2462.45; real estate, $8600; mdse., $10,000; equipment, $3500; bills receivable (less 5% deduction), $4200; accounts receivable (less 8%), $15,840.

Liabilities: bills payable, $1800, accounts payable, $8960.

2. A and B enter into a copartnership July 1, 1912. On this date A invests $40,000, and September 1, $5000 more. January 1 he withdraws $8000. B invests $45,000 on July 1, and withdraws $3000 October 1 and $2000 Feb. 1. Interest at 6% is allowed on investments and charged on withdrawals. A and B are to share equally in gains and losses. June 30, 1913, their ledger shows:

Resources: cash, $35,000; mdse., $20,000; bills receivable, $18,000. Liabilities: bills payable, $12,000; accounts payable, $16,000; miscellaneous unpaid bills, $570. Determine the present worth of each partner June 30, 1913.

3. Martin & Baker enter into a partnership January 1, for 1 year on the basis of 12 and 12 of the losses and profits; Martin invests Jan. 1, $6000, February 1, $5000 more, June 1, $5000 more; Sept. 1, he withdraws $3000; Baker invests Jan. 1, $12,000, April 1, withdraws $3000; July 1, $2000; Sept. 1 he adds $4000. December 21 their books showed:

Resources: cash, $10,000; real estate, $12,000; furniture and fixtures, $1500; bills receivable, $8000; accounts receivable, $5000; mdse., $5000.

Liabilities: bills payable, $3500; accounts payable, $8000; bad debts, $1200. Determine the condition of the partners at the time of closing, showing the present worth of each.

CHAPTER XLV

STORAGE

645. Storage is a term applied to the charges made for storing goods in warehouses.

646. Rates of Storage. The rates charged in warehouses are in some cases fixed by law or by city ordinances. More frequently they are fixed by commercial bodies such as boards of trade and chambers of commerce. In the absence of any such regulations the charges are determined by the regular rates of the warehouse or by special agreement.

647. Term of Storage. A certain length of time is fixed as the minimum time for which storage is charged. This is called the term of storage. Charges are made only for complete terms of storage. The charge for any fraction of a term is the same as the charge for a full term. In United States bonded warehouses the term is 30 days. (See §626.)

Thus, if the term is 30 days, the charge for 47 days is the same as for 2 terms and the charge for 62 days is the same as for 3 terms.

648. Simple Storage. In simple storage the charge on each amount of goods is paid as they are withdrawn from the warehouse. In fixing the charge to be paid on goods withdrawn it is assumed that these goods are those which have been in storage the longest. In the United States bonded warehouses goods may be withdrawn at any time in amount of whole packages and in whole tons if in bulk. Custom duties, warehouse charges, and labor must be paid on the goods as they are withdrawn.

An example will make clear the usage.

Example. Find the storage on the following, the rate being 5¢ per bbl. per term of 30 days.

May 1, received 400 bbl.; May 20, received 800 bbl.; June 15, delivered 400 bbl.; June 20; received 1400 bbl.; July 1, delivered 900 bbl.; July 30, delivered 1300 bbl.

Find the storage charges on each of the following:

1. May 20, received 80 cases; June 1 received 140 cases; June 10 received 200 cases; June 15 received 170 cases; June 25 received 380 cases; July 1 received 260 cases; September 9 delivered 200 cases; Oct. 1 delivered 180 cases; Oct. 15 delivered 200 cases; Nov. 1 delivered 250 cases; Nov. 15 delivered 180 cases; Dec. 1 delivered 220 cases. Charges 3¢ per case per term of 30 days.

2. August 1 received 1850 bu.; Aug. 5 received 960 bu.; Aug. 7 received 1200; Aug. 10 received 2450; Aug. 14 received 4600 bu.; September 8 delivered 800 bu.; Sept. 20 delivered 1500 bu.; Oct. 7 delivered 3700 bu.; Nov. 17 delivered 5060 bu. Charges per bushel per term of 30 days.

3. September 8 received 840 bbl.; Sept. 14 received 1340 bbl.; Sept. 18 received 2160 bbl.; Sept. 23 received 360 bbl.; Nov. 3 delivered 500 bbl.; Nov. 16 delivered 1200 bbl.; Nov. 30 delivered 900 bbl.; Dec. 7 delivered 1400 bbl.; Dec. 12 delivered 700 bbl. Charges 5¢ a barrel per term of 30 days.