A partnership began on January 1,2020,with two partners Greg Lucey and Scott Lucas.Greg contributed $50,000 cash and Scott contributed equipment with a fair market value of $40,000.The partners share profits and losses 50:50.Partners' withdrawals were $12,000 by Greg and $6000 by Scott.Net income for 2020 was $56,000.What is the balance in Greg's capital account at December 31,2020?
A) $66,000
B) $78,000
C) $16,000
D) $50,000

Question

Quizplus · Accepted Answer

$50,000 contribution + $28,000 net income - $12,000 withdrawals = $66,000

A Partnership Began on January 1,2020,with Two Partners Greg Lucey