He following information is available on Stewart Enterprises, a partnership, for the most recent fiscal year:

Total partnership capital at beginning of the year $159,000

Partnership net income for the year $129,000

Withdrawals by partners during the year $69,000

Additional investments by partners during the year $39,000

There are three partners in Stewart Enterprises: Stewart, Tedder and Armstrong. At the end of the year, the partners' capital accounts were in the ratio of 2:1:2, respectively. Compute the ending capital balances of the three partners. (Do not round your intermediate calculations.)

Stewart = $86,000; Tedder = $86,000; Armstrong = $86,000.
Stewart = $51,600; Tedder = $25,800; Armstrong = $51,600.
Stewart = $103,200; Tedder = $51,600; Armstrong = $103,200.
Stewart = $158,400; Tedder = $79,200; Armstrong = $158,400. wrong answer
Stewart = $68,600; Tedder = $79,200; Armstrong = $68,600.

Answer rating: 100% (QA)

Computation of the following Total partnership capital at beginning of the ... View the full answer