Helen and Casey Are Partners

Multiple Choice

Helen and Casey are partners.Helen contributes capital of $20,000 to the partnership and Casey contributes $10,000.They agree that Helen will receive 60 percent of all profits and that Casey will receive 40 percent.They have not decided how to share losses.The partnership makes a loss of $7,000.What is Casey's share of the loss?

A) $2,800
B) $4,200
C) $3,500
D) $5,500