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40% for White.Net income was $200,000 in 2023 and $240,000 in 2024. Each partner withdrew $1,500 for personal use every month during 2023 and 2024. What was Goodmans capital account balance at the end of 2024? Group of answer choices $191, 130 $142, 050 $173, 130 $190, 050 $193,500

40% for White.Net income was $200,000 in 2023 and $240,000 in 2024. Each partner withdrew $1,500 for personal use every month during 2023 and 2024. What was Goodmans capital account balance at the end of 2024? Group of answer choices $191, 130 $142, 050 $173, 130 $190, 050 $193,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Goodman, Pinkman, and White formed a partnership on January 1, 2023, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following:interest of an amount equal to 10% of the partners beginning capital balance for the year;annual compensation of $15,000 to Pinkman; andthe remainder of the income or loss to be split among the partners in the following percentages:20% for Goodman;40% for Pinkman; and 40% for White.Net income was $200,000 in 2023 and $240,000 in 2024. Each partner withdrew $1,500 for personal use every month during 2023 and 2024. What was Goodmans capital account balance at the end of 2024? Group of answer choices $191, 130 $142, 050 $173, 130 $190, 050 $193,500
Transcribed Image Text:Goodman, Pinkman, and White formed a partnership on January 1, 2023, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following:interest of an amount equal to 10% of the partners beginning capital balance for the year;annual compensation of $15,000 to Pinkman; andthe remainder of the income or loss to be split among the partners in the following percentages:20% for Goodman;40% for Pinkman; and 40% for White.Net income was $200,000 in 2023 and $240,000 in 2024. Each partner withdrew $1,500 for personal use every month during 2023 and 2024. What was Goodmans capital account balance at the end of 2024? Group of answer choices $191, 130 $142, 050 $173, 130 $190, 050 $193,500
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