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Teri, Doug, and Brian are partners with capital balances of $20,000, $30,000, and $50,000 respectively. They share income in the ratio of 3:2:1. Income Summary
Teri, Doug, and Brian are partners with capital balances of $20,000, $30,000, and $50,000 respectively. They share income in the ratio of 3:2:1. Income Summary with a debit balance of $30,000 is closed to the capital accounts. Doug leaves the company by withdrawing cash from the partnership. How much cash does he get upon withdrawal? O a. $30,000 b. $20,000 O c. $40,000 O d. $24,000
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Principles Of External Auditing
Authors: Brenda Porter, Jon Simon, David Hatherly
1st Edition
0471962120, 978-0471962120
