Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Aug 2017 My Price 5.00

Arthur, Capital

A partnership begins its first year with the following capital balances: Arthur, Capital $ 36,000 Baxter, Capital 46,000 Cartwright, Capital 56,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: • Each partner is allocated interest equal to 8 percent of the beginning capital balance. • Baxter is allocated compensation of $16,000 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 $46,000 and that each partner withdraws the maximum amount allowed, what is the balance in Cartwright’s capital account at the end of that year?

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Aug 2017 12:08 PM My Price 5.00

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