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The Statement of Financial Position of the XY partnership on December 31, 2022, appears below. Cash Other Assets $60,000 Liabilities $60,000 200,000 X, Capital
The Statement of Financial Position of the XY partnership on December 31, 2022, appears below. Cash Other Assets $60,000 Liabilities $60,000 200,000 X, Capital Y. Capital 90,000 110,000 Total $260,000 $260,000 X and Y share profits and losses in the ratio 60:40. Each of the following questions is independent of the others. Refer to the above information. Assume that Z invests $60,000 cash into the XY partnership for a 20% interest in partnership capital and profits, and the total firm capital of the XYZ partnership is $300,000. The capital balances of X, Y, and Z are: 0*X $00.000 $110,000 Z $100,000 06.X Y Z $110,000 Ocx $120,000 Y $60,000 2 $114.000 04X $544,000 $125,000 $80.000 2 $96.000 $00.000
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