Reference no: EM131286293
Partnership and Bankruptcy
Cleary, Wesser, and Nolan formed a partnership on January 1, 2012, with investments of $ 100,000, $ 150,000, and $ 200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to wesser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $ 150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013.
What was Nolan's capital balance at the end of 2012?
$ 246,000
$ 254,000
$ 238,000
$ 224,000
$ 200,000
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Decrease in market-wide interest rates will result
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Partnership and bankruptcy
: Cleary, Wesser, and Nolan formed a partnership on January 1, 2012, with investments of $ 100,000, $ 150,000, and $ 200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annua..
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