Prepare statement of partners capital Assume that there are three partners in a partnership, A, B, and C. Partners A and B each began the year with a capital account of $500,000. Partner C was admitted to the partnership during the year with a capital contribution of $300,000. The Partnership Agreement provides for a salary to Partner C of $50,000 and interest on the respective Capital Accounts of $25,000/$25,000/$11,250, respectively. During the y the partners withdrew $20,000/$20,000/$10,000 and the allocation of profit was $115,500/$115,500/$57,750, respectively. Prepare the Statement of Partners' Capital for the year. Use a negative sign with your answers to indicate a reduction to a balance.

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Prepare statement of partners capital Assume that there are three partners in a partnership, A, B and C. Partners A and B each began the year with a capital account of $500,000 Partner C was admitted to the partnership during the year with a capital contribution of $300,000. The Partnership Agreement provides for a salary to Partner C of $50,000 and interest on the respective Capital Accounts of $25,000/$25,000/$11,250, respectively. During the year. the partners withdrew $20,000/$20,000/$10,000 and the allocation of profit was $115,500/$115,500/557,750, respectively Prepare the Statement of Partners Capital for the year Use a negative sign with your answers to indicate a reduction to a balance Statement of Partners Capital Capital account, beginning of year Capital contribution Withdrawa Salary interest Allocation of remaining profic Total Check Prepare statement of partners capital Assume that there are three partners in a partnership, A, B and C. Partners A and B each began the year with a capital account of $500,000 Partner C was admitted to the partnership during the year with a capital contribution of $300,000. The Partnership Agreement provides for a salary to Partner C of $50,000 and interest on the respective Capital Accounts of $25,000/$25,000/$11,250, respectively. During the year. the partners withdrew $20,000/$20,000/$10,000 and the allocation of profit was $115,500/$115,500/557,750, respectively Prepare the Statement of Partners Capital for the year Use a negative sign with your answers to indicate a reduction to a balance Statement of Partners Capital Capital account, beginning of year Capital contribution Withdrawa Salary interest Allocation of remaining profic Total Check

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Answer To prepare the Statement of Partners Capital for the year we need to calculate the ending cap... View the full answer