A Partnership Began on January 1,2020,with Two Partners Greg Lucey

question 169

Multiple Choice

A partnership began on January 1,2020,with two partners Greg Lucey and Scott Lucas.Greg contributed $50,000 cash and Scott contributed equipment with a fair market value of $40,000.The partners share profits and losses 50:50.Partners' withdrawals were $12,000 by Greg and $6000 by Scott.Net income for 2020 was $56,000.What is the balance in Greg's capital account at December 31,2020?

• A) $66,000
• B) $78,000
• C) $16,000
• D) $50,000

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Definitions:

American Federation of Labor

A historic national federation of labor unions in the United States, known for focusing on skilled workers and collective bargaining.

Primary Goals

represent the fundamental objectives or targets that an individual, organization, or project aims to achieve, serving as the driving force behind strategies and actions.

Period of Strikes

A time frame characterized by a series of strikes, indicating widespread labor disputes or industrial action.

WWII

Short for World War II, a global conflict that occurred from 1939 to 1945, involving most of the world's nations and culminating in significant geopolitical changes.