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6 On November 30, capital balances are Forsyth $720,000, Lagasse 5600,000 and Kelly $600,000. The income ratios are 20%, 20% and 60% respectively. Forsythia decides
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On November 30, capital balances are Forsyth $720,000, Lagasse 5600,000 and Kelly $600,000. The income ratios are 20%, 20% and 60% respectively. Forsythia decides to retire from the partnership. The partnership pays Forsyth $600,000 cash for her partnership interest. After Forsyth's retirement, what is the balance of Kelly's capital account? O a S528,000 ob. $600,000 O c. 5690,000 O d. $672,000Step by Step Solution
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Modern Auditing
Authors: Graham Cosserat
2nd Edition
0470863226, 978-0470863220
