Sports Central is a sporting goods store owned by Lewis, Jamal, and Lapin in partnership. On January

Question:

Sports Central is a sporting goods store owned by Lewis, Jamal, and Lapin in partnership. On

January 1, 2017, their capital balances were as follows:

Lewis, Capital .....................$20,000

Jamal, Capital .......................50,000

Lapin, Capital .......................30,000

During 2017, Lewis withdrew $5,000; Jamal, $12,000; and Lapin, $9,000. Income for the partnership for 2017 was $50,000.

Required

If the partners agreed to allocate income equally, what was the ending balance in each of their capital accounts on December 31, 2017?

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...