Albert, billy, and cathy share profits and losses of their partnership as? 1:4:3, respectively. if the net income is? $30,000, calculate? albert's share of the profits

In order to clearly determine how Albert, Billy and Cathy share the profits and losses of their partnerships, we can convert the ratios into fractions. We do this by adding total ratio terms to get the whole. For example the total that is derived from the ratio 1:4:3 is 1+4+3 which gives 8. Since we have been given the profit that is to be shared between the three partners, all we have to do is multiply the total profit ($30,000) by each person's fraction. Albert's share of the profits is (1/8*30000) which gives $3750.