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    Izzy759's Avatar
    Izzy759 Posts: 1, Reputation: 1
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    #1

    Jan 28, 2016, 06:54 PM
    James, Keller and Rivers have the following capital balances; $48,000, $70,000, $90,0
    James, Keller and Rivers have the following capital balances; $48,000, $70,000, $90,000 respectively. Because of a cash shortage James invests an additional $12,000 on June 1st. Each Partner withdraws $1,000 per month. James, Keller and Rivers receive a salary of $13,000, $15,000 and $20,000, respectively, for work done during the year. Each partner receives interest of 8% on their weighted average capital balance without regard to normal drawings. Any remaining profits are split 20%, 30%, and 50% respectively.
    The net income for the year is $30,000.

    -What are the ending capital balances for each partner?
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #2

    Jan 28, 2016, 07:49 PM
    Since this is your homework assignment. What do you think the answer is and what is your reasoning behind it.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #3

    Jan 29, 2016, 07:55 PM
    If you have a difficulty with some aspect of this question tell us what it is we do not provide model answers
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