Reference no: EM132796092
In 2020, Mark, Johnny and Lucas are partners with average capital balances of $120,000, $60,000 and $40,000, respectively. The partners receive 10% interest on their average capital balances. After deducting salaries of $30,000 to Mark and P20,000 to Johnny, the residual profit or loss is divided equally. During the year, the partnership sustained a loss of $33,000 before interest and salaries to the partners.
The partners have the following capital balances
Mark Johnny Lucas
Capital balances before adjustment 150,000 80,000 60,000
Drawings 10,000 10,000 10,000
Problem 1: How much is Lucas's ending capital?
Option a. 19,000
Option b. 9,000
Option c. 41,000
Option d. 61,000
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