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Teri, Doug, and Brian are partners with capital balances of $34,400, $24,200, and $54,500, respectively. They share income and losses in the ratio of 3:2:1.
Teri, Doug, and Brian are partners with capital balances of $34,400, $24,200, and $54,500, respectively. They share income and losses in the ratio of 3:2:1. Revenue accounts for the period total $265,800. Expense accounts for the period total $303,000. The revenue and expense accounts are closed to the capital accounts. Doug withdraws from the partnership. How much cash does he receive upon withdrawal?
a.$50,100
b.$37,200
c.$24,200
d.$11,800
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