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29) Fill in Correct answer: A partnership began on January 1, 2020, with two partners Mary Snow and Scott Lucas. Mary contributed $53,000 cash
29) Fill in Correct answer: A partnership began on January 1, 2020, with two partners Mary Snow and Scott Lucas. Mary contributed $53,000 cash and Scott contributed equipment with a fair market value of $33,000. The partners share profits and losses 60:40, with Mary receiving 60%. Partners' withdrawals were $11,000 by Mary and $5500 by Scott. Net income for 2020 was $54,000. What is the balance in Mary's capital account at December 31, 2020?
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Intermediate Accounting
Authors: Kin Lo, George Fisher
Volume 1, 1st Edition
132612119, 978-0132612111
