The Following Information Is Available on TGR Enterprises, a Partnership

question 45

Multiple Choice

The following information is available on TGR Enterprises, a partnership, for the most recent fiscal year: There are three partners in TGR Enterprises: Tracey, Gregory and Rodgers. At the end of the year, the partners' capital accounts were in the ratio of 2:1:2, respectively, based on their proportionate investments and withdrawals. Compute the ending capital balances of the three partners.

• A)Tracey = $108,000; Gregory = $54,000; Rodgers = $108,000.
• B)Tracey = $90,000; Gregory = $90,000; Rodgers = $90,000.
• C)Tracey = $204,000; Gregory = $102,000; Rodgers = $204,000.
• D)Tracey = $84,000; Gregory = $102,000; Rodgers = $84,000.
• E)Tracey = $60,000; Gregory = $30,000; Rodgers = $60,000.

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Definitions:

Scoria Cones

Small, steep-sided volcanic cones made of basaltic fragments and ash, typically formed around a single eruptive vent.

Weathered Rock

Rock that has been changed physically or chemically by the action of weather, water, or biological organisms.

Precipitation

Any form of water - liquid or solid - falling from the sky, including rain, snow, sleet, and hail.

Karst

A landscape formed from the dissolution of soluble rocks such as limestone, characterized by sinkholes, caves, and underground rivers.