Question: John and Joe are equal partners in JJ Partnership. Profits and losses are shared according to their ownership percentages. The balance in John's capital account

John and Joe are equal partners in JJ Partnership. Profits and losses are shared according to their ownership percentages. The balance in John's capital account at the beginning of the year was $20,000, and he contributed $25,000 in cash to the partnership this year. The net income of the partnership was $30,000. The partnership did not make any distributions to either partner this year. The partnership records do not reflect any other increases or decreases to the partners' capital accounts. What is the balance in John's capital account at year end? Question 1Select one: a. $45,000 b. $20,000 c. $60,000 d. $75,000

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