Question: i feel like i did it wrong. can someone please let me know me if i did wrong? A partnership begins its first year of
A partnership begins its first year of operations with the following capital balances: According to the articles of partnership, ail profits will be assigned as follows: - Winston will be awarded an annual salary of $20,000 with $10,000 assigned to Salem. - The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year. - The remainder will be assigned on a 5:2:3 basis, respectively. - Each partner is allowed to withdraw up to $6,000 per year. The net loss for the first year of operations is $32,000 and net income for the subsequent year is $36,000. Each partner withdraws the maximum amoun from the business each period. What is the balance in Winston's capital account at the end of the second year? Multiple Choice $83,030 $63.300 $77030
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