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A Partnership Began Its First Year of Operations with the Following

question 87

Multiple Choice

A partnership began its first year of operations with the following capital balances:
Young, Capital: $143,000
Eaton, Capital: $104,000
Thurman, Capital: $143,000
The Articles of Partnership stipulated that profits and losses be assigned in the following manner:
Young was to be awarded an annual salary of $26,000 with $13,000 salary assigned to Thurman.
Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year.
The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively.
Each partner withdrew $13,000 per year.
Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year.
What was the balance in Thurman's Capital account at the end of the second year?

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Definitions:

Cognitive Therapy

A form of psychotherapy focused on identifying and correcting negative thought patterns to improve emotional well-being and behavior.

Dissociative Identity Disorder

Dissociative Identity Disorder is a psychological condition characterized by the presence of two or more distinct personality states or identities within a single individual, previously known as multiple personality disorder.

Systematic Desensitization

A therapeutic technique aimed at reducing fear or anxiety through gradual exposure to the feared object or situation in a controlled way.

Schizophrenia

A psychiatric disorder characterized by delusions, hallucinations, disorganized speech, and impaired cognitive abilities.