Sports Central is a sporting goods store owned by Lewis, Jamal, and Lapin in partnership. On January
Question:
Sports Central is a sporting goods store owned by Lewis, Jamal, and Lapin in partnership. On January 1, 2017, their capital balances were as follows:
Lewis, Capital | $20,000 |
Jamal, Capital | 50,000 |
Lapin, Capital | 30,000 |
During 2017, Lewis withdrew $5,000; Jamal, $12,000; and Lapin, $9,000. Income for the partnership for 2017 was $50,000.
Required:
If the partners agreed to allocate income equally, what was the ending balance in each of their capital accounts on December 31, 2017? Round up the first two, round down the third.
Ending balance | |
Lewis | $ |
Jamal | $ |
Lapin | $ |
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For
Financial Accounting The Impact on Decision Makers
ISBN: 978-1285182964
9th edition
Authors: Gary A. Porter, Curtis L. Norton
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