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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Target Market

A particular demographic of customers targeted by a business for its goods and services.

Gantt Chart

A visual project management tool that outlines and schedules tasks along a timeline, used for planning and tracking project progress.

Implementation Phase

The implementation phase is the stage in a project or plan where strategies and designs are put into action, marking the transition from planning to actual execution.

Obtain Resources

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