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dedylja [7]
3 years ago
14

Profits and losses are split as follows: Allen (20%), Burns (30%), and Costello (50%). Costello wants to leave the partnership a

nd is paid $100,000 from the business based on provisions in the articles of partnership. If the partnership uses the bonus method, what is the balance of Burns’s capital account after Costello withdraws?A. $24,000. B. $36,000. C. $33,000. D. $27,000.
Business
1 answer:
eduard3 years ago
7 0

Answer:

A. $24,000

Explanation:

The missing information is shown below:

Allen capital $60,000

Burns capital $30,000

Costello capital $90,000

For computing the balance of Burns’s capital account, first we have to determine the different amount which is shown below:

= Paid amount - Costello capital  

= $100,000 - $90,000

= $10,000

This bonus amount would be deducted from the remaining partner's balances in the ratio of 3:2

For Burns, it would be  

= $10,000 × 3 ÷ 5

= $6,000

So, the burns capital amount would be

= $30,000 - $6,000

= $24,000

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