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The capital accounts of Angel Alvarez and Emma Allison have balances of $46,400 and $72,420 respectively on January 1 20Y4 the beginning of hr fiscal
The capital accounts of Angel Alvarez and Emma Allison have balances of $46,400 and $72,420 respectively on January 1 20Y4 the beginning of hr fiscal year. On March 10 Alvarez invested an additional $7,740. During the year Alvarez and Allison withdrew $30,820 and $38,240, respectively and net income for the year was $62,000. Revenues weee $483,000 and expenses weee $421,000. The article of partnership make no reference to the division of net income.
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