Reference no: EM132769054
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.
Problem 1. 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.
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