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On November 30, capital balances are Howe $90,000, Doss $75,000 and Newlin $75,000. The income ratios are 30%, 30% and 40%, respectively. Howe decides
On November 30, capital balances are Howe $90,000, Doss $75,000 and Newlin $75,000. The income ratios are 30%, 30% and 40%, respectively. Howe decides to retire from the partnership. The partnership pays Howe $97,500 cash for her partnership interest. After Howe's retirement, what is the balance of Newlin's capital account? O a. $71,250 O b. $75,000 O c. $97,500 O d. $72,000
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
