The average partnership capital balance in 2017, A is $100,000, B is $55,000 and C is $30,000. Allies get 5% of their average capital balance. After deducting the salary for A of $20,000, and for B of $10,000, the remaining profit and loss is divided equally. But in 2017 partnership A, B, and C suffered a loss of $22,000 before deducting interest and salaries for partners. What is the change in capital A?
The average partnership capital balance in 2017, A is $100,000, B is $55,000 and C is $30,000. Allies get 5% of their average capital balance. After deducting the salary for A of $20,000, and for B of $10,000, the remaining profit and loss is divided equally. But in 2017 partnership A, B, and C suffered a loss of $22,000 before deducting interest and salaries for partners. What is the change in capital A?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![The average partnership capital balance in 2017, A is $100,000, B is $55,000 and C is $30,000.
Allies get 5% of their average capital balance. After deducting the salary for A of $20,000, and for
B of $10,000, the remaining profit and loss is divided equally. But in 2017 partnership A, B, and C
suffered a loss of $22,000 before deducting interest and salaries for partners. What is the change
in capital A?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffa5a27be-aef5-4a18-9a2a-7413e980ef6d%2Feaf48790-80a7-4f9a-9217-be40e4701233%2Feu2j0r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The average partnership capital balance in 2017, A is $100,000, B is $55,000 and C is $30,000.
Allies get 5% of their average capital balance. After deducting the salary for A of $20,000, and for
B of $10,000, the remaining profit and loss is divided equally. But in 2017 partnership A, B, and C
suffered a loss of $22,000 before deducting interest and salaries for partners. What is the change
in capital A?
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