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4 years ago

The capital account balances for Donald & Hanes LLP on January 1, 2011, were as follows:________.

Business

1 answer:

alukav5142 [94]4 years ago

5 0

Answer:

D. $176,000

Explanation:

Since there is a new investment made by May. So now the total capital balance is

= $200,000 + $100,000 + $100,000

= $400,000

Given that

May interest is 35% so it would be

= $400,000 × 35%

= $140,000

And, only $100,000 is paid by May

So the extra amount would be termed as a bonus and it should be taken by the existing partners in their profit loss sharing ratio

So, the balance of Donald capital is

= $200,000 - $40,000 × 3 ÷ 5

= $200,000 - $24,000

= $176,000

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