Jordon and Heldi share income equally. For the current year, the partnership net income is $40,000. Jordon made withdrawal of $14,000, and Heldi made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Jordon, Capital, $40,000; Heldi, Capital, $55,000 Jordon's capital account balance at the end of the year is Oa. $54,000 Ob. 568,000 Oc. $46.000 Od. $74.000 Jefferson has a capital balance of $65,000 and devotes full time to a partnership. Washington a capitbalance of $45.000 and detes hatte the partnership. If no other information is wailable regarding distributions, in what ratio is out income to be divided Oa. 65.45 Ob. 12 Oc. 4565 Od 1:1 Rex and Kelsey are partners who share income in the ratio of 3:2. Their capital balances are $95,000 and $140,000, respectively, on saiary. The partnership generated net income of $40,000 for the year. What is Rex's capital balance after closing the revenue and expenses to the accounts? Oa. $146,000 Ob. 571.000 Oc. $111.000 Od. $119,000 Which of the following statements concerning taxation is accurate Oa. Corporations pay federal and state income taxes. Ob. Corporations pay federal income taxes but not state income tans Oc Corporations pay income taxes but their owners do not Od. Only the owners must pay taxes on corporate income. The excess of issue price over par of common stock is termed a(n) Oa. income Ob. premium Oc. discount Od. deficit