Multiple Choice
A partnership began on January 1,2020,with two partners Greg Lucey and Scott Lucas.Greg contributed $50,000 cash and Scott contributed equipment with a fair market value of $40,000.The partners share profits and losses 50:50.Partners' withdrawals were $12,000 by Greg and $6000 by Scott.Net income for 2020 was $56,000.What is the balance in Greg's capital account at December 31,2020?
A) $66,000
B) $78,000
C) $16,000
D) $50,000
Correct Answer:
Verified
Correct Answer:
Verified
Q161: In comparison to a corporation,the owners of
Q162: When a partner withdraws his or her
Q163: Which of the following occurs if a
Q164: In a partnership,when a partner contributes a
Q165: In a limited liability partnership,each partner is
Q166: Bob and Bill allocate 2/3 of their
Q167: Which of the following is a disadvantage
Q168: Mathew,Patrick,and Robin and have capital balances of
Q170: Floyd and Merriam start a partnership
Q171: Ruby and Anita are partners.Ruby has a