Jon Winek started the year with a capital balance of $135,000. During the year, his share of partnership net income was $120,000 and he withdrew $22,500 from the partnership for personal use. He made an additional capital contribution of $37,500 during the year. The amount of Jon Winek's capital balance that will be reported on the year-end balance sheet will be 

$120,000
$292,500
$225,000
$270,000

Answer rating: 100% (QA)

Option D is correct Closing Capi... View the full answer