Janie and Larry Are Partners,with Beginning Capital Balances of $67,000

Janie and Larry are partners,with beginning capital balances of $67,000 and $55,000 respectively.During the year,Janie withdrew $12,000 and Larry withdrew $18,000.The year's net income of $42,000 was distributed $15,000 to Janie and $27,000 to Larry.Calculate the ending balances in the capital accounts.

A) Janie,$45,000;Larry,$28,000
B) Janie,$70,000;Larry,$64,000
C) Janie,$82,000;Larry,$82,000
D) Janie,$67,000;Larry,$55,000

Correct Answer:

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