Question

Jon winek started the year with a capital balance of $135,000. during the year, his share of partnership net income was $120,000 and he withdrew $22,500 from the partnership for personal use. he made an additional capital contribution of $37,500 during the year. the amount of jon wineks capital balance that will be reported on the year-end balance sheet will be

Answer 1

Question: The amount of jon wineks capital balance that will be reported on the year-end balance sheet will be

Given: Starting Capital, $135,000
           additional capital contribution of $37,500
           partnership net income was $120,000
           withdrew $22,500 from the partnership for personal use
            (at the closing entry partnership net income would be included in the               capital account)
           

Operation: Addition and subtraction

Number Sentence: Starting capital $135,000+$37,500=(N1) 
                                Partnership
                                 net income  $120,000-$22,500=(N2)
                               
                                 (N1) $172,500 + (N2) $97,500= N3

Answer:  $270,000