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14. Barbara Elliott is one of the partners in Elliott & Wan. Her drawings during the year were $10,000. She made an additional capital investment of $5,000 and her share of the loss for the year was $2,000. Her ending capital balance was $40,000. What was Barbara's beginning capital balance? a) $45,000 b) $37,000 c) $47,000 d) $52,000 15 Kelly $28.000. During

14. Barbara Elliott is one of the partners in Elliott & Wan. Her drawings during the year were $10,000. She made an additional capital investment of $5,000 and her share of the loss for the year was $2,000. Her ending capital balance was $40,000. What was Barbara's beginning capital balance? a) $45,000 b) $37,000 c) $47,000 d) $52,000 15 Kelly $28.000. During

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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14. Barbara Elliott is one of the partners in Elliott & Wan. Her drawings during the year were $10,000, She made an additional capital investment of $5,000 and her share of the loss for the year was $2,000. Her ending capital balance was $40,000. What was Barbara's beginning capital balance? a) $45,000 b) $37,000 c) $47,000 d) $52,000 15. Kelly Chaytor started the year with a capital balance of $28,000. During the year, her share of partnership profit was $16,000 and she withdrew $4,000 from the partnership for personal use. She made an additional capital contribution of $5,000 during the year. The amount of Kelly Chaytor's capital balance that will be reported on the year-end balance sheet will be a) $33,000. b) $49,000. c) $29,000. d) $45,000. 16. The Statement of Partners' Equity for The Allied Centre reported the following information in total: Capital, January 1................. Additional investment Drawings. $60,000 20,000 40,000 50,000 Profit The partnership has three partners: Hum, Pippy, and Collis with ending capital balances in a ratio of 40:20:40. the respective ending balances of the three partners? a) Hum, $40,000; Pippy, $20,000; Collis, $40,000 b) Hum, $36,000: Pippy, $18,000; Collis, $36,000 c) Hum, $68,000; Pippy, $34,000; Collis, $68,000 d) Hum, $48,000; Pippy, $24,000; Collis, $48,000
Transcribed Image Text:14. Barbara Elliott is one of the partners in Elliott & Wan. Her drawings during the year were $10,000, She made an additional capital investment of $5,000 and her share of the loss for the year was $2,000. Her ending capital balance was $40,000. What was Barbara's beginning capital balance? a) $45,000 b) $37,000 c) $47,000 d) $52,000 15. Kelly Chaytor started the year with a capital balance of $28,000. During the year, her share of partnership profit was $16,000 and she withdrew $4,000 from the partnership for personal use. She made an additional capital contribution of $5,000 during the year. The amount of Kelly Chaytor's capital balance that will be reported on the year-end balance sheet will be a) $33,000. b) $49,000. c) $29,000. d) $45,000. 16. The Statement of Partners' Equity for The Allied Centre reported the following information in total: Capital, January 1................. Additional investment Drawings. $60,000 20,000 40,000 50,000 Profit The partnership has three partners: Hum, Pippy, and Collis with ending capital balances in a ratio of 40:20:40. the respective ending balances of the three partners? a) Hum, $40,000; Pippy, $20,000; Collis, $40,000 b) Hum, $36,000: Pippy, $18,000; Collis, $36,000 c) Hum, $68,000; Pippy, $34,000; Collis, $68,000 d) Hum, $48,000; Pippy, $24,000; Collis, $48,000
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