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Category > Accounting Posted 10 May 2017 My Price 3.00

A partnership begins its first year with the following capital balances

A partnership begins its first year with the following capital balances:

The articles of partnership stipulate that profits and losses be assigned in the following manner:

• Each partner is allocated interest equal to 5 percent of the beginning capital balance.

 Bernard is allocated compensation of $18,000 per year.

• Any remaining profits and losses are allocated on a 3:3:4 basis, respectively.

• Each partner is allowed to withdraw up to $5,000 cash per year.

Assuming that the net income is $60,000 and that each partner withdraws the maximum amount allowed, what is the balance in Collins capital account at the end of that year?

a. $70,800 .

b. $86,700 .

 c. $73,500 .

d. $81,700

Answers

Alpha Geek
(8)
Status NEW Posted 10 May 2017 01:05 PM My Price 3.00

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file 1494423821-Answer.docx preview (156 words )
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