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On November 30, capital balances are Forsyth $720,000, Lagasse $600,000 and Kelly $600,000. The income ratios are 20%, 20% and 60% respectively. Forsythia decides to
On November 30, capital balances are Forsyth $720,000, Lagasse $600,000 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. $672,000 O b. $600,000 O c $690,000 d. $528,000
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Auditing Cases An Interactive Learning Approach
Authors: Steven M Glover, Douglas F Prawitt
4th Edition
0132423502, 978-0132423502
