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A partnership begins its first year with the following capital balances: Alexander, Capital $64,000 Bertrand, Capital Coloma, Capital 74,000 84,000 The articles of partnership stipulate
A partnership begins its first year with the following capital balances: Alexander, Capital $64,000 Bertrand, Capital Coloma, Capital 74,000 84,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: Each partner is allocated interest equal to 7 percent of the beginning capital balance. Bertrand is allocated compensation of $20,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. Each partner is allowed to withdraw up to $4,000 cash per year. Assuming that the net income is $74,000 and that each partner withdraws the maximum amount allowed, what is the balance in Coloma's capital account at the end of the year? Multiple Choice Multiple Choice $80.726 $89.880 $105.264 $101,264
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