Question
As of December 31, 2014 ABC Realty had partners' capital of $1500. During 2015 ABC Realty had rental income and expenses in the amonts of
As of December 31, 2014 ABC Realty had partners' capital of $1500. During 2015 ABC Realty had rental income and expenses in the amonts of $1950 and $1000 respectively. In addition, during 2015 ABC Realty made cash contribution s and distributions in the amounts of $750 and $1750 respectively. Based on this information, what is ABC's partners' capital on December 31, 2015?
1. $1450
2. $1500
3. $1550
4. $1600
5. None of the above
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Managerial Accounting An Integrative Approach
Authors: C J Mcnair Connoly, Kenneth Merchant
2nd Edition
099950049X, 978-0999500491
