Calculate capital account balance at the end of year


Response to the following problem:

Carla and Eliza share income equally. During the current year the partnership net income was $40,000. Carla made withdrawals of $12,000 and Eliza made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Carla capital, $42,000; Eliza capital, $55,000. Calculate the Eliza's capital account balance at the end of the year.

Provide step by step calculations.

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Calculate capital account balance at the end of year
Reference No:- TGS02061076

Now Priced at $20 (50% Discount)

Recommended (94%)

Rated (4.6/5)