Keith and Jim Are Partners

question 146

Multiple Choice

Keith and Jim are partners.Keith has a capital balance of $51,000 and Jim has a capital balance of $39,000.Bill invested a building worth $27,000 to the partnership for an ownership interest of 20%.How much is the total bonus for the existing partners?

• A)$12,000
• B)$13,500
• C)$3,600
• D)$27,000

Understand the fundamental concepts of accounting including journals, ledgers, and the double-entry system.

Recognize the importance and role of a trial balance in the accounting process.

Identify and interpret the normal balances of various types of accounts.

Comprehend the structure and functions of accounts in the accounting system.