Question: Please help me with this question. I have to do practice and finish other tonight and go to work in the morning. please help; Use

Please help me with this question. I have to do practice and finish other tonight and go to work in the morning. please help;

Use the information below to answer the question that follow.

The capital accounts of Harrison and Marti have balances of $160,000 and $110,000, respectively, on January 1, the beginning of the current fiscal year. On April 10, Harrison invested an additional $20,000. During the year, Harrison and Marti withdrew $96,000 and $78,000, respectively, and net income for the year was $264,000. The articles of partnership make no reference to the division of net income.

Based on this information, the statement of partners' equity would show what amount as total capital for the partnership on December 31?

a.$164,000

b.$216,000

c.$52,000

d.$380,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Stelepad Industries manufactures custom steel frames for diesel engines. Below is some information regarding cost estimates and recorded costs for the last few jobs: 23 The Milling Department is...

Question: In 2015 a company bought new construction equipment for $100,000. The equipment was sold in 2017. During the time of ownership, the MACRS-GDS method of depreciation was used for tax...

Andre whistled cheerfully as he slipped his screwdriver back into his tool belt. The shower valves were now fixed and the water running fine. He picked up the phone and put Room 933 back into...

Practice: Verb Tenses: Use the correct verb tense. 3. Tonight, after class, Sally ________________ (study) for next week's final exam before she __________________ (go) to bed. Sally is a...

Please help me answer this question Background Veronese 81 Tiffany Inc. is a medium-sized business located in Elmira, Ontario. It sells designerjewelry to specialty stores through Canada as well as...

please help me answer this question will rate your answer right away! Requirements: A summary of the key issues and your thoughts about important aspects of an analysis or recommendation. A...

GROUP TASK THE STOCK MARKET & THE FIRMS? FUNDAMENTALS Stock market facilitates the exchange of securities between buyers and sellers. It is an important place for firms to raise money and for...

THE STOCK MARKET & THE FIRMS? FUNDAMENTALS Stock market facilitates the exchange of securities between buyers and sellers. It is an important place for firms to raise money and for shareholders to...

please help me answring this question thanks in Advance CASE STUDY ON SUSTAINABLE ISSUES FOR FACILITY PLANNING Please read the article titled "GREEN DESIGN AND SUSTAINABILITY IN SPORT AND RECREATION...

please help in c+ programing using 1. To give students practice in using functions Problem: Educational Software Your little brother is having trouble with arithmetic. Your parents realize that after...

The single-phase half-wave rectifier is supplied directly from a 120-V (rms), 60-Hz source through a step-down transformer with turns ratio n = 10 : 1. The load resistance Rp is 10 n. Determine (a)...

Let the sequence {an}ao be defined by ao = a 1 and an+1 n=0 = (n + 1)an + (n + 1)nan-1 for all integer n 1. Let G(x) = En-ox" be its exponential generating function. Find a closed form formula for...

E6.1 A system has a characteristic equation s 3 + 5 Ks 2 + ( ) 2 1 + + K s 5 0 = . Determine the range of K for a stable system.

Preparing the income statement and balance sheet using the accrual basis Bob Hansen opens a retail store on January 1, 2008. Hansen invests $50,000 for all of the common stock of the firm. The store...

In this simulation, you are asked to address questions regarding the FASB conceptual framework. Prepare responses to allparts. KWW Professlonal Simulation Conceptual Framework Time Remaining 4 hours...

The income statement of Kaleta Co. for the month of July shows net income of $1,500 based on Service Revenue $5,500; Salaries and Wages Expense $2,100; Supplies Expense $900, and Utilities Expense...

Process further or sell, byproduct. (CMA, adapted) Newcastle Mining Company (NMC) mines coal, puts it through a one-step crushing process, and loads the bulk raw coal onto river barges for shipment...

Ethics, CVP analysis Allen Corporation produces a molded plastic casing, LX201, for desktop computers. Summary data from its 2008 income statement are as follows: Jane Woodall, Allens president is...

please help will rate QUESTION 13 Which of the following statements is NOT true? O A feasible solution satisfies all constraints. An optimal solution satisfies all constraints. O An infeasible...

2. In this chapter, the reader should reflect on the following concepts: Basic values, basic interests, position, socialization process, mental variables and norm distribution.

6. List examples from your local environment of people that have a so-called Protestant character. Add further characteristics to this phenomenon than those mentioned in this chapter.

10. Choose someone you know and answer the following questions: a) Does this person have a low or high level of competence in a particular field? b) Do you have a low or high level of confidence in...