Reference no: EM132775319
Question - Jasmine, Keller, and Grimes formed a partnership on January 1, 2019, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, the partners agreed to (1) interest of 10 percent of the beginning capital balance each year, (2) annual compensation of $10,000 to Keller, and (3) sharing the remainder of the income or loss at a ratio of 20% for Jasmine, and 40 % each for Keller and Grimes. Net income for 2019 was $150,000, while net income for 2020 was $180,000. Each partner withdrew $1,000 for personal use every month for 2019 ad 2020.
Q1. What was Keller's total share of net income for 2019?
A. $51,000.
B. $63,000.
C. $58,000.
D. $53,000.
Q2. What was Grimes's capital balance at the end of 2019?
A. $200,000.
B. $224,000.
C. $246,000.
D. $254,000
Q3. What was the total capital balance for the partnership at December 31, 2019?
A. $600,000.
B. $523,000.
C. $545,000.
D. $564,000.
Q4. What was Jasmine's total share of net income for 2020?
A. $61,420.
B. $70,040.
C. $34,420.
D. $61,420.
Q5. What was Keller's capital balance at the end of 2020?
A. $264,540.
B. $304,040.
C. $313,780.
D. $263,520.
Q6. What is Jasmine's capital balance at the end of 2020?
A. $163,420.
B. $139,420.
C. $151,420.
D. $142,000.
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