Dawn, Garret and Josh have partnership capital account balances of $225000, $450000 and $105000, respectively. The income sharing ratio is Dawn, 50%; Garret, 40%; and Josh, 10%. Dawn desires to withdraw from the partnership and it is agreed that partnership assets of $195000 will be used to pay Dawn for her partnership interest. The balances of Garret’s and Josh’s Capital accounts after Dawn’s withdrawal would be

Ending capital account balance of Garret = $426,000

Ending capital account balance of Josh = $99,000

Explanation:

For computation of ending capital account balance of Garret’s and Josh’s Capital accounts after Dawn’s withdrawal so in this case we need to find out first Dawn' s withdraw which is shown below:-

Balance remaining of Dawn = Beginning balance - Payment through assets

= $225,000 - $195,000

= $30,000

Ending capital account balance of Garret = Beginning capital account balance - Remaining balance will be allocated

= $450,000 - ($30,000 × 4 ÷ 5)

= $450,000 - $24,000

= $426,000

Ending capital account balance of Josh = Beginning capital account balance - Remaining balance will be allocated

= $105,000 - ($30,000 × 1 ÷ 5)

= $105,000 - $6,000

= $99,000

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answer; (c) communism and socialism;