Question
On November 30, the principal balances are Forsyth $720,000, Lagasse $600,000, and Kelly $600,000. The income ratios are 20%, 20%, and 60%, respectively. Forsythia decides
On November 30, the principal balances are Forsyth $720,000, Lagasse $600,000, and Kelly $600,000. The income ratios are 20%, 20%, and 60%, respectively. Forsythia decides to withdraw from society. The partnership pays Forsyth $600,000 in cash for his interest in the partnership.
After Forsyth's retirement, what is Kelly's capital account balance?
On November 30, the principal balances are Forsyth $720,000, Lagasse $600,000, and Kelly $600,000. The income ratios are 20%, 20%, and 60%, respectively. Forsythia decides to withdraw from society. The partnership pays Forsyth $600,000 in cash for his interest in the partnership.
After Forsyth's retirement, what is Kelly's capital account balance?
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The total amount of capital in the partnership before Forsyths retirement is Forsyt...
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Principles Of Cost Accounting
Authors: Edward J. Vanderbeck
15th Edition
978-0840037039, 0840037031
