Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. mike seedan and ana lei operate the partnership se

Mike Seedan and Ana Lei operate the partnership SeeLei Services. The partners share profit or...

60.1K

Verified Solution

Question

Accounting

Mike Seedan and Ana Lei operate the partnership SeeLei Services. The partners share profit or loss at 50% each. Mike had an opening capital account balance of $60,000 on January 1,2023, and withdrew $35,000 during the year. Ana had an opening balance of $80,000 and withdrew $20,000. SeeLei Services earned a net income of $80,000 in 2023. What would be listed on the statement of partners' equity for the year ended December 31,2023 for Ana Lei?Select one:a. Partner's Capital, January 1,2023 of $60,000+ Net Income of $40,000- Withdrawals of $20,000= Partner's Capital,December 31,2023 of $80,000b. Partner's Capital, January 1,2023 of $60,000+ Net Incomp of $40,000- Withdrawals of $35,000= Partners capitalDecember 31,2023 of $65,000c. Partner's Capital, January 1,2023 of $80,000+ Net Income of $80,000- Withdrawals of $20,000= Partner's Capital,December 31,2023 of $140,000 d. Partner's Capital, January 1,2023 of $80,000+ Net Income of $40,000- Withdrawals of $20,000= Partner's Capital, December 31,2023 of $100,00019Search

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

Many people think that quantum physics is used only in the laboratory. In fact, many devices...

Biology
1.2K views

der the Lincoln and Johnson plans except for that of Tennessee which had ratified the...

Physics
1.2K views

A slab consists of two parallel layers of copper and brass of the same thickness...

Physics
1.2K views

31 A pendulum has time period T for small oscillations An obstacle P is situated...

Basic Math
1.2K views

2 8 points Find the directions in the xy plane in which f x y...

Basic Math
1.2K views

Draw a stem and leaf plot for the data set Enter numbers from smallest to...

Algebra
1.2K views

11 11 6b 5 A 5b C 76 2 13 Radical and Exponential Form 2...

Accounting
1.2K views

Find the future value of an ordinary annuity of $90 paid at the end of...

Accounting
1.2K views

An income statement in which all expenses are added together and subtracted from all the...

Accounting
1.2K views

Perilous Parachutes manufactures sky diving equipment. The Compact Canopy is their best-selling product, with a...

Accounting
1.2K views

18 A measure of profitability is the current ratio. debt to assets ratio. earnings per...

Finance
1.2K views

Newkirk, Inc., is an unlevered firm with expected annual earnings before taxes of $22.9 million...