Franco and Elisa share income equally. During the current year the partnership net income was $40,000. Franco

Question:

Franco and Elisa share income equally. During the current year the net income was $40,000. Franco made withdrawals of $12,000 and Elisa made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Franco capital, $42,000; Elisa capital, $58,000. Elisa’s capital account balance at the end of the year is
Select one:
a. $81,000
b. $50,000
c. $61,000
d. $95,000

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...