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Question
The following information is available on Stewart Enterprises, a partnership, for the most recent fiscal year:
Total partnership capital at beginning of the year $180,000
Partnership net income for the year $150,000
Withdrawals by partners during the year $120,000
Additional investments by partners during the year $ 60,000
There are three partners in Stewart Enterprises: Stewart, Tedder and Armstrong. At the end of the year, the partners' capital accounts were in the ratio of 2:1:2, respectively. Compute the ending capital balances of the three partners.
A. Stewart = $108,000; Tedder = $54,000; Armstrong = $108,000.
B. Stewart = $90,000; Tedder = $90,000; Armstrong = $90,000.
C. Stewart = $204,000; Tedder = $102,000; Armstrong = $204,000.
D. Stewart = $84,000; Tedder = $102,000; Armstrong = $84,000.
E. Stewart = $60,000; Tedder = $30,000; Armstrong = $60,000.
Answer
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