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stepan [7]
3 years ago
7

Jordon and Heidi share income equally. For the current year, the partnership net income is $40,000. Jordon made withdrawals of $

14,000, and Heidi made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Jordon, Capital, $40,000; Heidi, Capital, $58,000. Jordon's capital account balance at the end of the year is a.$46,000 b.$68,000 c.$74,000 d.$54,000
Business
1 answer:
aleksley [76]3 years ago
3 0

Answer:

a.$46,000

Explanation:

A partner ship account records the transactions related to partnership. All transaction of withdrawal, Profit allocation etc. are recorded to determine the closing balance of each partner.

Ending Capital Balance = Beginning Capital balance + Income allocation for the year - withdrawals

Jordon's Ending Capital Balance = $40,000 + ( $40,000 x 0.5 ) - $14,000

Jordon's Ending Capital Balance = $40,000 + $20,000 - $14,000

Jordon's Ending Capital Balance = $46,000

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Exercise 23-7 Rensing Ltd. estimates sales for the second quarter of 2017 will be as follows. Month Units April 2,600 May 2,470
swat32

Answer:

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Explanation:

May production

sales            2,470

ending          2,130

beginning   <u> (2,200) </u>(ending of April)

<em>units to be produced 2,400</em>

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production needs                      2,400

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On January 1, 2020, Pharoah Company, a calendar-year company, issued $1680000 of notes payable, of which $420000 is due on Janua
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Answer:

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