Based on the information given the balance in Coloma’s capital account at the end of the year is: d. $164,000.
First step is to calculate the interest on capital for each partner
Alexander=$90,000×5%=$4,500
Bertrand=$100,000×5%=$5,000
Coloma=$160,000×5%=$8,000
Second step is to calculate Coloma capital and drawing
Coloma capital =$160,000 + (5% x $160,000)
Coloma capital=$160,000+ $8,000
Coloma capital=$168,000
Coloma drawing=$168,000-$25,000
Coloma drawing=$143,000
Third step is to calculate Coloma share of profit
Share of profit=$115,000-$45,000-$4,500-$5,000-$8,000
Share of profit=$52,500
Coloma profit=4/(3+3+4)×$52,500
Coloma profit=4/10×$52,500
Coloma profit=4/(3+3+4)×$52,500
Coloma profit=$21,000
Fourth step is to calculate balance in Coloma’s capital account
Coloma’s capital account balance=$143,000+$21,000
Coloma’s capital account balance=$164,000
Inconclusion the balance in Coloma’s capital account at the end of the year is: d. $164,000.
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