Business, 10.03.2020 03:31, deduran

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?

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 11:10, evansh78

Use the following account numbers and corresponding account titles to answer the following question. account no. account title (1) cash (2) merchandise inventory (3) cost of goods sold (4) transportation-out (5) dividends (6) common stock (7) selling expense (8) loss on the sale of land (9) sales which accounts would appear on the income statement?

Answers: 3

continue

Business, 22.06.2019 17:00, staffordkimberly

Explain how can you avoid conflict by adjusting

Answers: 1

continue

Business, 22.06.2019 21:00, graysonisok

Noah met an old friend at a coffee shop. he jotted down the friend's new phone number, but later that afternoon he could not find it or remember what he had done with it. a couple of days later, noah went back to the coffee shop, and while waiting in line, he suddenly remembered where he had put the phone number. this is an example of:

Answers: 1

continue

Business, 22.06.2019 22:00, chels6058

Acontinental polar air mass foms where

Answers: 1

continue

Do you know the correct answer?

James, Keller, and Rivers have the following capital balances; $48,000, $70,000 and $90,000 respecti...