Advanced accounting

I want the solution with steps detail

A partnership begins its first year of operations with the following capital balances: Winston, Capital $ 64,000 Durham, Capital 54, 000 Salem, Capital 64,000 According to the articles of partnership, all profits will be assigned as follows: Winston will be awarded an annual salary of $12,000 with $6,000 assigned to Salem. The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year. The remainder will be assigned on a 5:2:3 basis, respectively. . Each partner is allowed to withdraw up to $6,000 per year. The net loss for the first year of operations is $24,000 and net income for the subsequent year is $26,000. Each partner withdraws the maximum amount from the business each period. What is the balance in Winston's capital account at the end of the second year? Multiple Choice O $56,930 O $46,300 O $59,930 O $53,930At yearend, the Circle City partnership has the following capital balances: Manning, Capital $213,333 Gonzalez, Capital 193,333 Clank, Capital 163,333 Fr'eeney, Capital 153,333 Prots and losses are split on a 3:13:22 basis, respectively. Clark decides to leave the partnership and is paid $1?0,000 from the business based on the original contractual agreement The payment made to Clark beyond his capital account was for Clark's share of previously unrecognized goodwill. After recognizing partnership goodwill, what is Manning's capital balance after Clark withdraws? Multiple Choice $213000 $220000 $211500 $225,000 0000 A partnership begins its first year with the following capital balances: Alexander, Capital $50, 000 Bertrand, Capital 60,060 Coloma, Capital 70, 000 The articles of partnership stipulate that profits and losses be assigned in the following manner: Each partner is allocated interest equal to 5 percent of the beginning capital balance. Bertrand is allocated compensation of $18,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. . Each partner is allowed to withdraw up to $6,000 cash per year. Assuming that the net income is $60,000 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 O $80,700 O $86,700 O $70,800 O $73,500