Jimmy Hayes is a partner in Sports Promoters.His beginning partnership capital balance for the current year $65,000 and his ending partnership capital balance for the current year is $62,000.His share of this year's partnership income was $5,250.What were his withdrawals for the period?
A)$8,250
B)$3,000
C)$2,250
D)$0
E)$5,250

Question

Quizplus · Accepted Answer

Jimmy's withdrawals can be calculated by taking the beginning capital balance, adding his share of the income, and subtracting the ending capital balance: $65,000 + $5,250 - $62,000 = $8,250.

Jimmy Hayes Is a Partner in Sports Promoters