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What is the ending capital balance of Burns for first year

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Question - A partnership begins its first year of operations in the following capital balances:

Allen, Capital (30% of gains and losses) $60,000

Burns, Capital (20% of gains and losses) $30,000

Claud, Capital (50% of gains and losses) $90,000

Each partner is allocated interest equal to 10% of the beginning capital balance. Burns is compensated at $5,000 per year. The net income of the year is $25,000. What is the ending capital balance of Burns for the first year?

a. $38,400

b. $33,400

c. $30,000

d. $38,000

Reference no: EM133030562

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