ABC and XYZ have been operating an accounting firm as partners for a number of years and at the beginning of 2021, their capital balances were 85,000 and 70,000, respectively. During 2021, ABC invested an additional 10,000 on April 1 and withdrew 5,000 on August 30. XYZ withdrew 12,000 on May 1 and invested 12,000 on November 1. In addition, ABC and XYZ withdrew their salary allowances of 18,000 and 24,000, respectively. At year-end 2021 total capital of the ABC and XYZ partnership was 182,000. ABC and XYZ share income after salary allowances in a 60:40 ratio. What is the ending capital of XYZ:
ABC and XYZ have been operating an accounting firm as partners for a number of years and at the beginning of 2021, their capital balances were 85,000 and 70,000, respectively. During 2021, ABC invested an additional 10,000 on April 1 and withdrew 5,000 on August 30. XYZ withdrew 12,000 on May 1 and invested 12,000 on November 1. In addition, ABC and XYZ withdrew their salary allowances of 18,000 and 24,000, respectively. At year-end 2021 total capital of the ABC and XYZ partnership was 182,000. ABC and XYZ share income after salary allowances in a 60:40 ratio. What is the ending capital of XYZ:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC and XYZ have been operating an accounting firm as partners for a number of years and at the beginning of 2021, their capital balances were 85,000 and 70,000, respectively. During 2021, ABC invested an additional 10,000 on April 1 and withdrew 5,000 on August 30. XYZ withdrew 12,000 on May 1 and invested 12,000 on November 1. In addition, ABC and XYZ withdrew their salary allowances of 18,000 and 24,000, respectively. At year-end 2021 total capital of the ABC and XYZ
What is the ending capital of XYZ:
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