Question
In: Accounting
A partnership begins its first year of operations with the following capital balances: Winston, Capital $...
A partnership begins its first year of operations with the following capital balances:
| Winston, Capital | $ | 74,000 |
| Durham, Capital | 64,000 | |
| Salem, Capital | 74,000 | |
According to the articles of partnership, all profits will be assigned as follows:
- Winston will be awarded an annual salary of $10,000 with $5,000 assigned to Salem.
- The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year.
- The remainder will be assigned on a 5:2:3 basis, respectively.
- Each partner is allowed to withdraw up to $6,000 per year.
The net loss for the first year of operations is $28,000 and net income for the subsequent year is $31,000. Each partner withdraws the maximum amount from the business each period. What is the balance in Winston’s capital account at the end of the second year?
Multiple Choice
-
$68,330
-
$53,300
-
$62,330
-
$62,630
Solutions
ekkarill92 answered 1 year agoRelated Solutions
A partnership begins its first year of operations with the following capital balances: Winston, Capital $...
A partnership begins its first year of operations with the
following capital balances:
Winston, Capital
$
62,000
Durham, Capital
52,000
Salem, Capital
62,000
According to the articles of partnership, all profits will be
assigned as follows:
Winston will be awarded an annual salary of $10,000 with $5,000
assigned to Salem.
The partners will be attributed interest equal to 10 percent of
the capital balance as of the first day of the year.
The remainder will be assigned on a 5:2:3...
A partnership begins its first year of operations with the following capital balances: Winston, Capital $...
A partnership begins its first year of operations with the
following capital balances:
Winston, Capital $ 64,000
Durham, Capital 54,000
Salem, Capital 64,000
According to the articles of partnership, all profits will be
assigned as follows:
Winston will be awarded an annual salary of $12,000 with $6,000
assigned to Salem.
The partners will be attributed interest equal to 10 percent of
the capital balance as of the first day of the year.
The remainder will be assigned on a 5:2:3...
A partnership begins its first year of operations with the following capital balances: Winston, Capital $...
A partnership begins its first year of operations with the
following capital balances:
Winston, Capital
$
72,000
Durham, Capital
62,000
Salem, Capital
72,000
According to the articles of partnership, all profits will be
assigned as follows:
Winston will be awarded an annual salary of $20,000 with
$10,000 assigned to Salem.
The partners will be attributed interest equal to 10 percent of
the capital balance as of the first day of the year.
The remainder will be assigned on a 5:2:3...
A partnership begins its first year of operations with the following capital balances: Winston, Capital $...
A partnership begins its first year of operations with the
following capital balances:
Winston, Capital
$
56,000
Durham, Capital
46,000
Salem, Capital
56,000
According to the articles of partnership, all profits will be
assigned as follows:
Winston will be awarded an annual salary of $16,000 with $8,000
assigned to Salem.
The partners will be attributed interest equal to 10 percent of
the capital balance as of the first day of the year.
The remainder will be assigned on a 5:2:3...
A partnership begins its first year of operations with the following capital balances: Winston, Capital $...
A partnership begins its first year of operations with the
following capital balances: Winston, Capital $ 72,000 Durham,
Capital 62,000 Salem, Capital 72,000 According to the articles of
partnership, all profits will be assigned as follows: Winston will
be awarded an annual salary of $20,000 with $10,000 assigned to
Salem. The partners will be attributed interest equal to 10 percent
of the capital balance as of the first day of the year. The
remainder will be assigned on a 5:2:3...
A partnership begins its first year of operations with the following capital balances: Winston, Capital $...
A partnership begins its first year of operations with the
following capital balances:
Winston, Capital
$
68,000
Durham, Capital
58,000
Salem, Capital
68,000
According to the articles of partnership, all profits will be
assigned as follows:
Winston will be awarded an annual salary of $16,000 with $8,000
assigned to Salem.
The partners will be attributed interest equal to 10 percent of
the capital balance as of the first day of the year.
The remainder will be assigned on a 5:2:3...
A partnership begins its first year of operations with the following capital balances: Winston, Capital $...
A partnership begins its first year of operations with the
following capital balances:
Winston, Capital $ 58,000
Durham, Capital 48,000
Salem, Capital 58,000
According to the articles of partnership, all profits will be
assigned as follows: Winston will be awarded an annual salary of
$18,000 with $9,000 assigned to Salem. The partners will be
attributed interest equal to 10 percent of the capital balance as
of the first day of the year. The remainder will be assigned on a
5:2:3...
A partnership begins its first year of operations with the following capital balances: Winston, Capital $...
A partnership begins its first year of operations with the
following capital balances:
Winston, Capital
$
74,000
Durham, Capital
64,000
Salem, Capital
74,000
According to the articles of partnership, all profits will be
assigned as follows:
Winston will be awarded an annual salary of $10,000 with $5,000
assigned to Salem.
The partners will be attributed interest equal to 10 percent of
the capital balance as of the first day of the year.
The remainder will be assigned on a 5:2:3...
A partnership begins its first year of operations with the following capital balances: Winston, Capital $110,000...
A partnership begins its first year of operations with the
following capital balances:
Winston, Capital
$110,000
Durham, Capital
80,000
Salem, Capital
110,000
According to the articles of
partnership, all profits will be assigned as follows:
Winston will be awarded an annual salary of $20,000 with
$10,000 assigned to Salem.
The partners will be attributed interest equal to 10 percent of
the capital balance as of the first day of the year.
The remainder will be assigned on a 5:2:3 basis,...
A partnership began its first year of operations with the following capital balances: Young, Capital: $143,000Eaton,...
A partnership began its first year of operations with the following capital balances:
Young, Capital: $143,000Eaton, Capital: $104,000Thurman, Capital: $143,000The Articles of Partnership stipulated that profits and losses be assigned in the following manner:Young was to be awarded an annual salary of $26,000 with $13,000 salary assigned to Thurman.Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year.The remainder was to be assigned on a 5:2:3 basis...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- MARGI sells different types of wine. Customers place orders to the most popular “Summer Wine” at...
- Java. If possible please put explanations for each line of code. Write a test program that...
- . Use the following information to calculate your company's expected return State Probability Return Boom 20%...
- You are considering the following two projects and can only take one. Your cost of capital...
- C++: Write a program that produces truth tables for the following compound propositions. Write the header...
- 1. What is the historical role of investment bankers ? Has this role changed ? Why...
- How were the original Internet requirements met through its design? What are the two main requirements...
ADVERTISEMENT