Ask Question
21 July, 14:37

Jordon and heidi share income equally. for the current year, the partnership net income is $40,000. jordon made withdrawals of $14,000, and heidi made withdrawals of $15,000. at the beginning of the year, the capital account balances were: jordon, capital, $40,000; heidi, capital, $58,000. jordon's capital account balance at the end of the year is

+1
Answers (1)
  1. 21 July, 15:29
    0
    Given:

    Jordon and Heidi share income equally.

    partnership net income is $40,000

    Jordon made withdrawals of $14,000

    Heidi made withdrawals of $15,000

    beginning of the year, the capital account balances were: jordon, $40,000; heidi, $58,000

    Jordon Heidi

    Beginning Balance 40,000 58,000

    Add: Net Income 50:50 20,000 20,000

    less: Withdrawals (14,000) (15,000)

    Ending Balance 46,000 63,000

    Jordon's capital account balance at the end of the year is $46,000.00

    Profit and loss is distributed equally between the partners. However, if the problem does not state how the profit or losses will be distributed, it will be distributed according to the proportion of their capital balances.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Jordon and heidi share income equally. for the current year, the partnership net income is $40,000. jordon made withdrawals of $14,000, and ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers