Jon Winek started the year with a capital balance of $135,000. During the year, his share of partnership net income was $120,000 and he withdrew $22,500 from the partnership for personal use. He made an additional capital contribution of $37,500 during the year. The amount of Jon Winek’s capital balance that will be reported on the year-end balance sheet will be
a. $120,000.
b. $292,500.
c. $225,000.
d. $270,000.
Answer is d. $270,000
Number Sentence: Starting capital $135,000+$37,500=(N1)
Partnership
net income $120,000-$22,500=(N2)
(N1) $172,500 + (N2) $97,500= N3
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