Partners Brian,Josh,and Chad Have Average Capital Balances of $7,000,$3,000,and $90,000,respectively

question 107

Multiple Choice

Partners Brian,Josh,and Chad have average capital balances of $7,000,$3,000,and $90,000,respectively.Net income for the year is $12,000.Salary allowances are $14,000 for Brian and $5,000 for Josh.Chad gets 10% interest on his capital balance with the remainder being divided at a 1:1:2 ratio.What is Brian's capital balance after distributing the net income?

• A)$17,000 credit balance
• B)$3,000 debit balance
• C)$10,000 debit balance
• D)$7,000 debit balance

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Outcomes or results that follow from actions, events, or decisions.

American System

An economic plan that played a significant role in the policy-making of the early 19th century in the United States, advocating for high tariffs, a national bank, and federal subsidies for roads, canals, and other 'internal improvements' to develop profitable markets for agriculture.

James Madison

The fourth President of the United States (1809-1817), known as the "Father of the Constitution" for his pivotal role in drafting and promoting the U.S. Constitution.

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