James, Keller and Rivers have the following capital balances; 70,000, 18,000 and 12,000 on June 1st. Each

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James, Keller and Rivers have the following capital balances; 70,000, 18,000 and 12,000 on June 1st. Each partner withdraws 13,000, 20,000, and 10,000 respectively, for work done during the year. Each partner receives interest of 8% on their weighted average capital balance without regard to normal drawings. Any remaining profits are split 20%, 30% and 50% respectively. The net income for the year is $30,000. What are the ending capital balances for each partner?
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Fundamentals of Advanced Accounting

ISBN: 978-0077862237

6th edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

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