A, B, and C have a retail partnership business selling personal computers. The partners are...
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Accounting
- A, B, and C have a retail partnership business selling personal computers. The partners are allowed an interest allocation of 8% on their weighted average capital. Partner capital activity for the year was:
Capital accounts A B C
Jan 1 balance $ 200,000 $ 300,000 $ 250,000
Feb 1 investment 50,000
Mar 1 investment 10,000 20,000
Apr 1 withdrawal (10,000)
Jul 1withdrawal and investment (7,000) 10,000
Sep 1 investment 5,000 4,000 5,000
Nov 1 investment 5,000
Calculate the weighted average capital for each partner, and determine the amount of interest that each partner will be allocated. Round all calculations to the nearest whole dollar.
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