Cleary, Wasser, and Nolan formed a partnership on January 1, 2017, and made capital contributions of $100,000 (Cleary), $150,000 (Wasser), and $200,000 (Nolan), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partner's beginning capital balance for the year; (2) annual compensation of $10,000 to Wasser; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Cleary; (b) 40% for Wasser; and (c) 40% for Nolan. Net income was $150,000 in 2017 and $180,000 in 2018. Each partner withdrew $1,000 for personal use every month during 2017 and 2018.What was Wasser's capital balance at the end of 2017?
A. $201,000.
B. $160,000.
C. $150,000.
D. $165,000.
E. $213,000.
Answer: A
You might also like to view...
From a societal standpoint, the weakened position of unions in the U.S. is potentially problematic for all of the following reasons except:
A. A weakened labor movement is less able to provide management with the flexibility it needs to succeed in today's demanding competitive environment. B. Weaker unions are unable to counter trends toward a greater income inequality in society. C. Weaker unions are less able to provide training and work standards that ensure high quality, safe products and services, and safe working conditions. D. Aggrieved workers are pushed to strike or act out in other ways (e.g., sabotage) that are detrimental to the flow of goods and services or to public safety.
When refusing a request, a writer should:?
A) ?use the inductive approach. B) ?provide a vague reason to minimize disappointment. C) ?use the deductive outline. D) ?state the refusal before providing reasons.
Which of the following is a purpose of a customized cover message?
A) To introduce your résumé B) To learn more about the employer C) To win a job offer D) To take the place of a formal résumé
Incandescent lights can flicker and cause eye strain. _________________________
Answer the following statement true (T) or false (F)