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What the ending balance in gondorff capital account is

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Question 1: Henry Gondorff and Joe Smeal create a partnership at the beginning of 20XX. They agree to share profits and losses equally. For the year 20XX, Henry Gondorff contributes $5,000 cash, $2,000 worth of IBM common stock, and a $1,500 certificate of deposit (CD) to the partnership. The partnership earns a net income of $48,000 during 20XX. Gondorff withdraws $10,500. After the partnership's books are closed for the year, the ending balance in Gondorff's capital account is

Option A. ($2,000).

Option B. $22,000.

Option C. $8,500.

Option D. $46,000.

Reference no: EM132469248

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