The Capital Account Balances for Donald & Hanes LLP on January

question 30

Multiple Choice

The capital account balances for Donald & Hanes LLP on January 1, 2021, were as follows: Donald and Hanes shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit May to the partnership with a 35% interest in partnership capital and net income. May invested $100,000 cash, and no goodwill was recognized.What is the new total balance of the partnership accounts?

• A) $84,000.
• B) $140,000.
• C) $176,000.
• D) $200,000.
• E) $400,000.

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