Evaluate the ending capital balances for each partner

Assignment Help Financial Accounting

Reference no: EM136187

James, Rivers and Keller have the subsequent capital balances; $48,000, $70,000 and $90,000 correspondingly. Because of a cash shortage James invests an additional $12,000 on 1^st June. Each partner withdraws $1,000 per month. Keller, James and Rivers receive a salary of $13,000, $15,000 and $20,000, correspondingly, for work done during the year. Each partner gets interest of 8% on their weighted average capital balance without regard to normal drawings. Any residual profits are split 20%, 30% and 50% correspondingly. The net income for the year is $30,000. Evaluate the ending capital balances for each partner?

Reference no: EM136187

Questions Cloud

Residence receiving care in a nursing home or rehabilitation : What do you consider the role of assisted living programs in America. How is assisted living dissimilar from residence receiving care in a nursing home or rehabilitation center

A variety of techniques can be used to determine inventory : A variety of criteria as well as techniques can be used to determine how many units of a product to purchase or produce as well as what parameters to set for inventory management.

Allocates expenses to revenues in the proper period : Check by number the accounting assumption, principle, or constraint that explains each situation below. Do not use a number more than once.

Measuring performance and financial status of an enterprise : Interrelated components that are most directly related to measuring the performance and financial status of an enterprise

Evaluate the ending capital balances for each partner : Prepare the balanced scorecard for the Norwalk Pharmaceutical Division of Chadwick and determine the process used to formulate the strategy of the Norwalk Pharmaceutical Division and the Balanced Scorecard.

Kind of information the company needs to design a program : Why this program is significant. The kind of information the company needs to design the retention program. Where to get this information.

What is the preference of the median voter : Presume that each person prefers a pizza closer to his or her first choice to a pizza that is unlike the first choice. What is the preference of the median voter. Which pizza will be nominated if the majority rules

Preparation of a business plan : The plan must cover every standard element in great detail and be at least 100 pages long to prove to potential lenders and investors that the entrepreneur has studied the business and the market opportunity.

When an agent breaches a duty owed to the principal : When an agent breaches a duty owed to the principal, the agent- A) mayn't be discharged until contractual damages are paid. B) Mayn't be discharged until the contract has expired. C) May be discharged merely if the principal can show actual damage. D..

User Account

All Pages