Fox, Greg, and Howe are partners with average capital balances during 20X1 of $120,000, $60,000, and $40,000, respectively. Partners receive 10% interest on their average capital balances. After deducting salaries of $30,000 to Fox and $20,000 to Howe, the residual profit or loss is divided equally. In 20X1 the partnership sustained a $33,000 loss before interest and salaries to partners. By what amount should Fox's capital account change?
A. $7,000 increase
B. $11,000 decrease
C. $35,000 decrease
D. $42,000 increase
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Fox, Greg, and Howe are partners with average capital balances during 20X1 of $120,000, $60,000, and $40,000, respectively. Partners ...” 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
You Might be Interested in
Maple Company uses a job costing system. Maple Company's schedule of cost of goods manufactured showed the following amounts for the month ended August 31.
Answers (1)
Suppose nicole earns $20,000 per year, michelle earns $40,000 per year, and rosa earns $100,000 per year. under a regressive tax, who would pay a greater percentage of her income in taxes?
Answers (1)
Adam is looking for a job in marketing. he has had some offers and his prospects are promising, but he has not yet accepted a job.
Answers (1)
A country's balance of payments is a better measure of global business than the balance of trade because it includes more exchanges with foreign sources. True False
Answers (1)
Nikki Williams was working as the sales manager for Industrial Instruments. Some of the sales executives were showing signs of burnout. They were losing interest in their jobs and were no longer motivated to gain new accounts.
Answers (1)
New Questions in Business
A major responsibility of the public relations department is to: Answer A decide on the appropriate mix of advertising media. B maintain close ties with the media, community leaders, government officials and other stakeholders.
Answers (1)
Huojin is developing a pricing strategy for his start-up company. He decides to introduce the new product at a relatively high price;
Answers (1)
A company that manages apartments decides to buy 15 new dishwashers at a list price of $550 each as replacements for old dishwashers in a small apartment complex it owns.
Answers (1)
Tile & Grout (T&G) contracts to resurface the insides of the pools at Water World Park. T&G knows that without the resurfacing, Water World will have to delay its seasonal opening. T&G does not perform as promised.
Answers (1)
If there are 10,000 people in your age bracket, and 10 of them died last year, an insurance company believes that the probability of someone in that age bracket dying this year would be A) 0. B).001. C).0001. D) 1,000.
Answers (1)