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Home Q & A Board Other Fields Homework Help Business Accounting
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upton upton
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6 years ago
Partners Brian, Josh, and Chad have average capital balances of $7,000, $3,000, and $90,000, respectively. Net income for the year is $12,000. Salary allowances are $14,000 for Brian and $5,000 for Josh. Chad gets 10% interest on his capital balance with the remainder being divided at a 1:1:2 ratio for Brian, Josh, and Chad, respectively. What is Brian's capital balance after distributing the net income? (Assume no change in capital balances during the year.)
A) $10,000 debit balance
B) $3,000 debit balance
C) $17,000 credit balance
D) $7,000 debit balance
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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AugustisAugustis
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upton Author
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6 years ago
This helped my grade so much Perfect
carston
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Yesterday
Smart ... Thanks!
deathDoUsPart
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2 hours ago
Thanks for your help!!
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