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Mike Seedan and Ana Lei operate the partnership SeeLei Services. The partners share profit or loss at 50% each. Mike had an opening capital account balance of $60,000 on January 1, 2023, and withdrew $35,000 during the year. Ana had an opening balance of $80,000 and withdrew $20,000. SeeLei Services earned a net income of $80,000 in 2023. What would be listed on the statement of partners' equity for the year ended December 31, 2023 for Ana Lei?Select one:a. Partner's Capital, January 1, 2023 of $60,000+ Net Income of $40,000 Withdrawals of $20,000= Partner's Capital, December 31, 2023 of $80,000b. Partner's Capital, January 1, 2023 of $60,000+ Net Incomp of $40,000 Withdrawals of $35,000 = Partners capitalDecember 31, 2023 of $65, 000c. Partner's Capital, January 1, 2023 of $80,000+ Net Income $80,000 Withdrawals of $20,000= Partner's Capital, December 31, 2023 of $140,000 d. Partner's Capital, January 1, 2023 of $80,000+ Net Income f $40,000 Withdrawals of $20,000= Partner's Capital, December 31, 2023 of $100,00019 Search

Mike Seedan and Ana Lei operate the partnership SeeLei Services. The partners share profit or loss at 50% each. Mike had an opening capital account balance of $60,000 on January 1, 2023, and withdrew $35,000 during the year. Ana had an opening balance of $80,000 and withdrew $20,000. SeeLei Services earned a net income of $80,000 in 2023. What would be listed on the statement of partners' equity for the year ended December 31, 2023 for Ana Lei?Select one:a. Partner's Capital, January 1, 2023 of $60,000+ Net Income of $40,000 Withdrawals of $20,000= Partner's Capital, December 31, 2023 of $80,000b. Partner's Capital, January 1, 2023 of $60,000+ Net Incomp of $40,000 Withdrawals of $35,000 = Partners capitalDecember 31, 2023 of $65, 000c. Partner's Capital, January 1, 2023 of $80,000+ Net Income $80,000 Withdrawals of $20,000= Partner's Capital, December 31, 2023 of $140,000 d. Partner's Capital, January 1, 2023 of $80,000+ Net Income f $40,000 Withdrawals of $20,000= Partner's Capital, December 31, 2023 of $100,00019 Search

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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i.2

Mike Seedan and Ana Lei operate the partnership SeeLei Services. The partners share profit or loss at 50% each. Mike had an opening capital account balance of $60,000 on January 1, 2023, and withdrew $35,000 during the year. Ana had an opening balance of $80,000 and withdrew $20,000. SeeLei Services earned a net income of $80,000 in 2023. What would be listed on the statement of partners' equity for the year ended December 31, 2023 for Ana Lei?Select one:a. Partner's Capital, January 1, 2023 of $60,000 + Net Income of $40,000 - Withdrawals of $20,000 Partner's Capital, December 31, 2023 of $80, 000b. Partner's Capital, January 1, 2023 of $60,000 + Net Incomp of $40,000 - Withdrawals of $35,000 Partners capital December 31, 2023 of $65, 000c. Partner's Capital, January 1, 2023 of $80,000 + Net Income of $80,000 - Withdrawals of $20,000 Partner's Capital, December 31, 2023 of $140,000 d. Partner's Capital, January 1, 2023 of $80,000 + Net Income of $40,000 - Withdrawals of $20,000 = Partner's Capital, December 31, 2023 of $100, 00019 Search = = =
Transcribed Image Text:Mike Seedan and Ana Lei operate the partnership SeeLei Services. The partners share profit or loss at 50% each. Mike had an opening capital account balance of $60,000 on January 1, 2023, and withdrew $35,000 during the year. Ana had an opening balance of $80,000 and withdrew $20,000. SeeLei Services earned a net income of $80,000 in 2023. What would be listed on the statement of partners' equity for the year ended December 31, 2023 for Ana Lei?Select one:a. Partner's Capital, January 1, 2023 of $60,000 + Net Income of $40,000 - Withdrawals of $20,000 Partner's Capital, December 31, 2023 of $80, 000b. Partner's Capital, January 1, 2023 of $60,000 + Net Incomp of $40,000 - Withdrawals of $35,000 Partners capital December 31, 2023 of $65, 000c. Partner's Capital, January 1, 2023 of $80,000 + Net Income of $80,000 - Withdrawals of $20,000 Partner's Capital, December 31, 2023 of $140,000 d. Partner's Capital, January 1, 2023 of $80,000 + Net Income of $40,000 - Withdrawals of $20,000 = Partner's Capital, December 31, 2023 of $100, 00019 Search = = =
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