Partnerships (Appendix)

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

On January 1, 2010, their capital balances were as follows:

Lewis, Capital $20,000 Jamal, Capital 50,000 Lapin, Capital 30,000 During 2010, Lewis withdrew $5,000; Jamal, $12,000; and Lapin, $9,000. Income for the partnership for 2010 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, 2010?

AppendixLO1