28. A partner has a capital balance of $40,000 on January 1. On May 1", she contributed another $10,000 On October 1 she contributed another $10,000 What is this partner's average Capital balance for this year? a. $49.168 b. $50,000 c. $48,500 d. $48,333 29. The following facts pertains to ABC Corporation $400,000 $66,000 Retained earnings January 1, 2017 Cash dividends declared Retained earnings balance at December 31, 2017 $500,000 Net Income for 2017 ?? Based on the above facts, what was the Net Income for 2017? a. $466,000 b. $34,000 c. $186,000 d. $232,000
28. A partner has a capital balance of $40,000 on January 1. On May 1", she contributed another $10,000 On October 1 she contributed another $10,000 What is this partner's average Capital balance for this year? a. $49.168 b. $50,000 c. $48,500 d. $48,333 29. The following facts pertains to ABC Corporation $400,000 $66,000 Retained earnings January 1, 2017 Cash dividends declared Retained earnings balance at December 31, 2017 $500,000 Net Income for 2017 ?? Based on the above facts, what was the Net Income for 2017? a. $466,000 b. $34,000 c. $186,000 d. $232,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:28. A partner has a capital balance of $40,000 on January 1.
On May 1", she contributed another $10,000
On October 1 she contributed another $10,000
What is this partner's average Capital balance for this year?
a. $49.168
b. $50,000
c. $48,500
d. $48,333
29. The following facts pertains to ABC Corporation
$400,000
$66,000
Retained earnings January 1, 2017
Cash dividends declared
Retained earnings balance at December 31, 2017 $500,000
Net Income for 2017
??
Based on the above facts, what was the Net Income for 2017?
a. $466,000
b. $34,000
c. $186,000
d. $232,000
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images

Similar questions
Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education