Balance of nance capital at the end of the year


The net income of the Rice and Nance is $180,000.The partnership agreement specifies that rice and nance have asalary allowance of $48,000 and $72,000, respectively.The parnership agreement also specifies an interst allowance of 10% on caoital balances at the beginnig of the year .Each partner had abeginning capital balance of $120,000.Any remaining net income or net loss is shared equally. What is the balance of Nance's capital at the end of the year after net income has been distributed ?

A) $204,000

B) $192,000

C) $222,000

D) $210,000

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Accounting Basics: Balance of nance capital at the end of the year
Reference No:- TGS071940

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