On January 1, 2021, Sandy, Chris and Paul formed SCP Company with a total beginning capital...

  

  

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On January 1, 2021, Sandy, Chris and Paul formed SCP Company with a total beginning capital balance of $210,000; Sandy had a beginning capital balance of $100,000 and Chris of $70,000. During 2021, Sandy and Paul made additional investments of $20,000 and $10,000 respectively. In addition, Sandy's drawings were $5,000, Chris's drawings were $3,000 and Paul's drawings were $10,000. The three partners in SCP Company share profits and losses equally and during 2021, the company had a net income of $30,000. Paul's capital balance on December 31, 2021 is: * O $60,000 $10,000 $50,000 $40,000 None of the above The portion of net income distributed to each partner is: * O $200,000 O $270,000 O $30,000 $5,000 O None of the above Total capital balance of the company on December 31, 2021 is: " $270,000 $252,000 $210,000 $207,000 None of the above On January 1, 2021, Sandy, Chris and Paul formed SCP Company with a total beginning capital balance of $210,000; Sandy had a beginning capital balance of $100,000 and Chris of $70,000. During 2021, Sandy and Paul made additional investments of $20,000 and $10,000 respectively. In addition, Sandy's drawings were $5,000, Chris's drawings were $3,000 and Paul's drawings were $10,000. The three partners in SCP Company share profits and losses equally and during 2021, the company had a net income of $30,000. Paul's capital balance on December 31, 2021 is: * O $60,000 $10,000 $50,000 $40,000 None of the above The portion of net income distributed to each partner is: * O $200,000 O $270,000 O $30,000 $5,000 O None of the above Total capital balance of the company on December 31, 2021 is: " $270,000 $252,000 $210,000 $207,000 None of the above

Answer rating: 100% (QA)

Question Step 1 Partnership A formal agreement between two or more parties is made in this sort of commercial entity The coownership of the firm and r... View the full answer