Once the allocation of profit was calculated, it was determined that Ronan was to receive $32,500 and Vandue $42,700. Their capital balances before the allocation were $82,300 and $87,900 respectively. Ronan had withdrawn $48,000 during the year; Vandue had withdrawn $42,000. 

Once all the closing entries are completed, calculate the ending capital balance for Vandue.

Answer rating: 100% (QA)

To calculate the ending capital balance well start with the initial capital balance and add ... View the full answer