Corey and Malinda started a partnership on January 1, 2014. Corey invested $42,000 in the business, and
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Corey and Malinda started a partnership on January 1, 2014. Corey invested $42,000 in the business, and Malinda invested $14,000. The partnership agreement stated that profits would be divided between the partners based on their initial investment in the partnership. The business's net income for 2014 was $51,000. During the year, Corey withdrew $10,500, and Malinda withdrew $7,250. The balances in the partners' accounts at the end of 2014 were (Do not round intermediate calculations.)
| Corey | Malinda | ||
A | $ | 67,500 | $ | 39,500 |
B | $ | 31,500 | $ | 6,750 |
C | $ | 44,625 | $ | 44,625 |
D | $ | 69,750 | $ | 19,500 |
Related Book For
Intermediate Accounting 2014 FASB Update
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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