Jeff Lake Started the Year with a Capital Balance of $180,000

question 74

Multiple Choice

Jeff Lake started the year with a capital balance of $180,000. During the year, his share of partnership net income was $160,000 and he withdrew $30,000 from the partnership for personal use. He made an additional capital contribution of $50,000 during the year. The amount of Jeff Lake's capital balance that will be reported on the year-end balance sheet will be

• A) $160,000.
• B) $390,000.
• C) $300,000.
• D) $360,000.

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Definitions:

Cash-Flow Statement

A financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources, as well as all cash outflows that pay for business activities and investments during a given period.

Service Policies

Guidelines and procedures established by a business concerning the delivery of its services to customers.

Sales Force

The Sales Force consists of a group of employees focused on sales operations, whose primary responsibilities include promoting, selling, and securing orders from existing and prospective customers.

Distributors

Companies or agents responsible for delivering products from manufacturers to market, forming a vital part of the distribution channel.