Farrell and Jimmy Enter into a Partnership Agreement on May

question 102

Multiple Choice

Farrell and Jimmy enter into a partnership agreement on May 1,2017.Farrell contributes $30,000 and Jimmy contributes $140,000 as their capital contributions.They decide to share profits and losses in the ratio of their respective capital account balances.The net income for the year ended December 31,2017 is $40,000.Which of the following amounts should be credited to Jimmy's capital account?

• A)$70,000
• B)$40,000
• C)$32,941
• D)$7,059

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