Reference no: EM131084883
Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2015, capital balances were as follows: Purkerson $ 74,000 Smith 54,000 Traynor 30,000 Due to a cash shortage, Purkerson invests an additional $14,000 in the business on April 1, 2015. Each partner is allowed to withdraw $1,000 cash each month. The partners have used the same method of allocating profits and losses since the business's inception:
• Each partner is given the following compensation allowance for work done in the business: Purkerson, $10,000; Smith, $20,000; and Traynor, $6,000.
• Each partner is credited with interest equal to 20 percent of the average monthly capital balance for the year without regard for normal drawings.
• Any remaining profit or loss is allocated 3:2:5 to Purkerson, Smith, and Traynor, respectively. The net income for 2015 is $30,000. Each partner withdraws the allotted amount each month. What are the ending capital balances for 2015?
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