Jolly Is a Partner in the HoHoHo Partnership

question 12

Multiple Choice

Jolly is a partner in the HoHoHo Partnership. The articles of partnership states that Jolly's share of partnership income include 10% of his weighted average capital. he may withdraw $12,000 before withdrawals are offset against his capital balance. His capital activity is as follows: What is the weighted average balance of Jolly's capital account?

• A)$27,417
• B)$19,083
• C)$21,500
• D)$19,667

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Definitions:

Emotional Intelligence

The capacity to be aware of, control, and express one's emotions, and to handle interpersonal relationships judiciously and empathetically.

Common Sense

Sound practical judgment concerning everyday matters, or a basic ability to perceive, understand, and judge in a manner shared by nearly all people.

Imagination

The ability of the mind to be creative or resourceful, envisioning things not currently present or that do not exist.

Emotional Intelligence

The ability to understand, use, and manage one's own emotions in positive ways to relieve stress, communicate effectively, empathize with others, and overcome challenges.