The following information is available on TGR Enterprises,a partnership,for the most recent fiscal year: 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.

Question

The following information is available on TGR Enterprises,a partnership,for the most recent fiscal year:  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.

Quizplus · Accepted Answer

Let x be the common ratio.
Then Tracey's capital balance = 2x
Gregory's capital balance = 1x
Rodgers' capital balance = 2x
Total capital balance = 5x

From the given information, we know that the total capital balance for TGR Enterprises at the end of the year was $270,000 (11eac048_5286_b762_9623_1f3044d889ed_TB2412_00).
Therefore, 5x = $270,000
x = $54,000

Thus, Tracey's capital balance = 2x = $108,000
Gregory's capital balance = 1x = $54,000
Rodgers' capital balance = 2x = $108,000

Therefore, the correct answer is A.

The Following Information Is Available on TGR Enterprises,a Partnership,for the Most