scarlett123185 scarlett123185

11-05-2021
Business

contestada

WILL MARK BRAINLIEST

Hannah and John made capital contributions of $50,000 each to their law firm. During the accounting period, John withdrew $5,000 and Hannah
withdrew $7,500. The total profit of the law firm for the given year was $17,500. What was the total partner's equity at the end of the accounting
period?
А. $50,000
B. $105,000
C. $55,000
D. $100,000
E. $5,000

Respuesta :

andromache andromache

16-05-2021

Answer:

the total partner equity is $105,000

Explanation:

The computation of the total partner equity is shown below;

= Capital contributions × number of partners - withdrawn amount by the partners + total profit

= $50,000 × 2 - $5,000 - $7,500 + $17,500

= $105,000

hence, the total partner equity is $105,000

Therefore the correct option is B.

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