On January 1, 2021, Sandy, Chris and Paul formed SCP Company with a total beginning capital...
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On January 1, 2021, Sandy, Chris and Paul formed SCP Company with a total beginning capital balance of $210,000; Sandy had a beginning capital balance of $100,000 and Chris of $70,000. During 2021, Sandy and Paul made additional investments of $20,000 and $10,000 respectively. In addition, Sandy's drawings were $5,000, Chris's drawings were $3,000 and Paul's drawings were $10,000. The three partners in SCP Company share profits and losses equally and during 2021, the company had a net income of $30,000. Paul's capital balance on December 31, 2021 is: * O $60,000 $10,000 $50,000 $40,000 None of the above The portion of net income distributed to each partner is: * O $200,000 O $270,000 O $30,000 $5,000 O None of the above Total capital balance of the company on December 31, 2021 is: " $270,000 $252,000 $210,000 $207,000 None of the above On January 1, 2021, Sandy, Chris and Paul formed SCP Company with a total beginning capital balance of $210,000; Sandy had a beginning capital balance of $100,000 and Chris of $70,000. During 2021, Sandy and Paul made additional investments of $20,000 and $10,000 respectively. In addition, Sandy's drawings were $5,000, Chris's drawings were $3,000 and Paul's drawings were $10,000. The three partners in SCP Company share profits and losses equally and during 2021, the company had a net income of $30,000. Paul's capital balance on December 31, 2021 is: * O $60,000 $10,000 $50,000 $40,000 None of the above The portion of net income distributed to each partner is: * O $200,000 O $270,000 O $30,000 $5,000 O None of the above Total capital balance of the company on December 31, 2021 is: " $270,000 $252,000 $210,000 $207,000 None of the above
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Question Step 1 Partnership A formal agreement between two or more parties is made in this sort of commercial entity The coownership of the firm and r... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
Posted Date:
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