C,D,and E Are Partners

question 29

Essay

C,D,and E are partners.C has $25,000 in her capital account.D has $35,000 in hers,and E has $45,000.Each gets a salary allowance of $15,000.C gets 10% interest on the beginning balance in the capital account,D gets 12%,and E gets 14%.The remainder is divided 20% to C,35% to E,and 45% to E.What is the balance in the capital account at the end of the year if net income was $80,000?

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Definitions:

Metabolism

The chemical processes that occur within a living organism to maintain life, involving the conversion of food to energy and new materials.

Excretion

The process by which the body removes waste products of metabolism and other non-useful materials.

Urticaria

A skin condition commonly known as hives, characterized by red, itchy, raised welts on the skin's surface that may result from allergic reactions or other causes.

Phenytoin

An anticonvulsant medication used to control seizures by slowing down impulses in the brain that cause seizures.