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2. Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current

2. Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $303,000, and Atkins's beginning partnership capital balance for the current year is $317,000. The partnership had net income of $328,000 for the year. Barber withdrew $99,000 during the year and Atkins withdrew $28,000. What is Barber's ending equity?

A. 631,000 B. 532,000 C. 382,000 D. 467,000 E. 368,000

3. A company must repay the bank a single payment of $30,000 cash in 6 years for a loan it entered into. The loan is at 8% interest compounded annually. The present value of 1 (single sum) at 8% for 6 years is .6302. The present value of an annuity (series of payments) at 8% for 6 years is 4.6229. The present value of the loan (rounded) is:

A. 30,000 B. 18,906 C. 23,829 D. 138,678 E. 6,489

4. Marlow Company purchased a point of sale system on January 1 for $6,000. This system has a useful life of 10 years and a salvage value of $700. What would be the depreciation expense for the second year of its useful life using the double-declining-balance method?

A. 530 B. 960 C. 1060 D. 896 E. 1200

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