Calculate the partners capital balances as the end of year

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Reference no: EM13775225

A partnership begins its first year of operations with the following capital balances.

Wendy, Capital 100,000

Andy, Capital 90,000

William, Capital 100,000

All profits will be assigned as follows:

Wendy will have an annual salary of 19,000 and William gets 9,000.

The partners will be attributed interest equal to 15% of the capital balance on the first day of the year.

The remainder will be assigned on a 5:2:3 bases

Each partner is allowed to withdraw up to 9,000 per year.

The was a net loss of 19,000 in the first year and net income of 410,000 in the second year. Each partner withdraws the man amount allowed each year.

Calculate the partners Capital Balances as the end of Year2.

Reference no: EM13775225

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