Reference no: EM133178710
Question - Missouri, Connecticut, and Oklahoma have been partners throughout 2021. Their average balances and their balances at the end of the year before closing the nominal accounts are as follows:
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Partner
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Average Balances
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Balances, 12/31/21
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Missouri
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P97,500
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P70,000
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Connecticut
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7,300
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11,800
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Oklahoma
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4,250
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1,700 (debit balance)
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The income for 2021 is P103,500 before charging partners' salary allowances and before payment of interest on average balances at the agreed rate of 4% per annum. Annual salary allocations are P12,500 to Missouri, P8,750 to Connecticut, and P6,250 to Oklahoma. The balance of the profits is to be allocated at the rate of 60% to Missouri, 10% to Connecticut, and 30% to Oklahoma.
It is intended to distribute cash to the partners so that, after credits and allocations have been made as indicated in the preceding paragraph, the balances in the partners' accounts will be proportionate to their residual profit-sharing ratios. None of the partners is to invest additional cash, but they wish to distribute the lowest possible amount of cash.
Required - How much is the capital balances of Missouri at the end of the year?
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