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What is easton capital balance at the end of the first year

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Reference no: EM132776139

A partnership began its first year of operations with the following capital balances: Yanni, capital $143,000 Easton, capital $104,000 Thune, capital $143,000 The Articles of Partnership stipulated that profits and losses be allocated in the following manner:

  • Each partner was to be allocated with interest equal to 10 % of the capital balance at the beginning of the year.
  • The remainder was to be assigned on a 5:2:3 basis to Yanni, Easton, and Thune, respectively.
  • Each partner withdrew $13,000 per year.
  • Assume that there was a net loss for the first year of operation of $26,000 with net income in the second year.

Problem 1: What is Easton's capital balance at the end of the first year?

A. $120,900.
B. $118,300.
C. $96,500.
D. $80,600.

Reference no: EM132776139

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