What are the ending capital balances for each partner

Assignment Help Financial Accounting

Reference no: EM13133292

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

Reference no: EM13133292

Questions Cloud

Explain ferromagnetic artifacts for each plot is determined : For this purpose, a random sample of 55 plots, each of size 100 square meters, is used. The number of ferromagnetic artifacts for each plot is determined.

Calculate the change in temperature : Calculate the change in temperature for 4.50 g of CaCl2 dissolved in 90.0 mL of H20. Assume that the calorimeter absorbs no heat (ie. Ccal=0)

Subsequent reissuance of the treasury stock : Assuming that the cost method of accounting for treasury stock transaction is used, what is time effect of the subsequent reissuance of the treasury stock on each of the following?

Determine mondial corporation taxable income : Mondial Corporation's financial accounting records show it had gross revenue of $980,000, cost of goods sold of $420,00, operating expenses of $380,000 and $4,000 of dividends received from a 40% owned company.

What are the ending capital balances for each partner : The net income for the year is $30,000. What are the ending capital balances for each partner?

Calculate the expected change in temperature : calculate the expected change in temperature for 4.5 g of NH4NO3 dissolved in 100.0 mL of H20. Assume that the calorimeter absorbs no heat. (ie. Ccal=0)

Explain the observations aziridines : Explain the following observations. 1. Aziridines, compounds that contain nitrogen in a three-membered ring, undergo pyramidal inversion much more slowly than do other alkylamines.

Prepare the journal entries relating to the transaction : King agreed to accept 96,000 local currency units (LCU) in full payment for this inventory. Assume this hedge is designated as a fair value hedge. Prepare the journal entries relating to the transaction and the forward contract.

Vector spaces and scalar multiplication : Let V be the space of all functions from R to R. It was stated in the discussion session that this is a vector space over R. Prove axioms (VS1)=For all x,y, x+y=y+x (commutativity of addition),

User Account

All Pages