1 answer

Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership....

Question:

Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2018, capital balances were as follows:

Purkerson $ 66,000
Smith 46,000
Traynor 20,000

Due to a cash shortage, Purkerson invests an additional $10,000 in the business on April 1, 2018.

Each partner is allowed to withdraw $600 cash each month.

The partners have used the same method of allocating profits and losses since the business's inception:

  • Each partner is given the following compensation allowance for work done in the business: Purkerson, $12,000; Smith, $28,000; and Traynor, $8,000.
  • Each partner is credited with interest equal to 10 percent of the average monthly capital balance for the year without regard for normal drawings.
  • Any remaining profit or loss is allocated 2:2:6 to Purkerson, Smith, and Traynor, respectively. The net income for 2018 is $42,000. Each partner withdraws the allotted amount each month.

What are the ending capital balances for 2018?

Ending Capital Balance
Purkerson _________?
Smith _________?
Traynor _________?
Totals _________?

Answers

9 NO 12 1350o pastclas Total 15360 9 86i0 (o) 2.u Srodtuy Gophl 15 360 28610(11o)4200D Grdigpa belana

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