On November 30, capital balances are Howe $90,000, Doss $75,000 and Newlin $75,000. The income ratios are
Fantastic news! We've Found the answer you've been seeking!
Question:
On November 30, capital balances are Howe $90,000, Doss $75,000 and Newlin $75,000. The income ratios are 20%, 20% and 60%, respectively. Howe decides to retire from the partnership. The partnership pays Howe $100,000 cash for her partnership interest. After Howe's retirement, what is the balance of Newlin's capital account? (2 Points)
Expert Answer:
Posted Date:
