Bill and Bob share profits of their partnership in the ratio of 6:1 respectively. If the net income of the firm is $29,000, calculate the share of Bill's net income.

The share of bill net income is $24,857

Explanation:

The computation of the share of bill net income is shown below:

Given that

Profit sharing ratio of Bill and BOb is 6 : 1

And, the net income of the firm is $29,000

So, the share of bill net income is

= Net income × bill share

= $29,000 × 6 ÷ 7

= $24,857

Hence, the share of bill net income is $24,857

We simply applied the above formula so that the correct value could come

And, the same is to be considered  

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answer///the factor market;