REFERENCE: Ref.14_01 Cleary,Wasser,and Nolan Formed a Partnership on January 1,2007,with Investments of Investments

question 44

Multiple Choice

REFERENCE: Ref.14_01
Cleary,Wasser,and Nolan formed a partnership on January 1,2007,with investments of $100,000,$150,000,and $200,000,respectively.For division of income,they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser,and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary,and 40% each for Wasser and Nolan.Net income was $150,000 in 2007 and $180,000 in 2008.Each partner withdrew $1,000 for personal use every month during 2007 and 2008.
-What is Cleary's capital account balance at the end of 2008?

• A)$163,420.
• B)$151,420.
• C)$139,420.
• D)$100,000.
• E)$142,000.

---

Definitions:

In-Person Conversations

Direct interactions between individuals in the same physical space, often considered more personal and engaging than other forms of communication.

Nonverbal Cues

Communication signals that do not involve words, such as body language, gestures, and facial expressions.

Oral, In-Person

Communication that occurs through spoken words in a face-to-face setting.

Vocal Inflection

The variation in pitch, tone, and volume of the voice that can affect the meaning of spoken words.