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The capital accounts of Freddie Kim and Maria Spatton, partners in Imagine Plus, had balances of $160,000 and $190,000, respectively, on January 1, 2024.
The capital accounts of Freddie Kim and Maria Spatton, partners in Imagine Plus, had balances of $160,000 and $190,000, respectively, on January 1, 2024. During the year, Kim invested an additional $30,000 and each partner withdrew $100,000. Profit for the year was $300,000 and was shared equally between the partners. How much is the closing capital for Freddie Kim at December 31, 2024?
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College Accounting
Authors: Heintz and Parry
20th Edition
1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192
