Question
On November 30, capital balances are Forsyth $720000, Lagassi $600000 and Kelly $600000. The income ratios are 20%, 20% and 60% respectively. Forsyth decides to
On November 30, capital balances are Forsyth $720000, Lagassi $600000 and Kelly $600000. The income ratios are 20%, 20% and 60% respectively. Forsyth decides to retire from the partnership. The partnership pays Forsyth $600000 cash for her partnership interest. After Forsyths retirement, what is the balance of Kellys capital account?
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Data Analytics For Auditing Using ACL
Authors: Alvin A. Arens
4th Edition
0912503629, 978-0912503622
