The Following Information Is Available on TGR Enterprises, a Partnership

The following information is available on TGR 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 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. 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.

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free