Question
P invests $60,000 for a one-third interest in the PQR Partnership. During the period, P's share of the partnership income is $120,000 and P has
P invests $60,000 for a one-third interest in the PQR Partnership. During the period, P's share of the partnership income is $120,000 and P has withdrawn $75,000. The partnership has recourse liabilities of $48,000. Using this information, which of the following is P's capital account balance?
A. 60,000
B. $105,000
C. $120,000
D. $121,000
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Management Accounting
Authors: Anthony A Atkinson, Robert S Kaplan
5th Edition
136005314, 978-0136005315
