Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $248,000, and Atkins's beginning partnership capital balance for the current year is $108,000. The partnership had net income of $377,000 for the year. Barber withdrew $101,000 during the year and Atkins withdrew $63,000. What is Barber's ending equity? Multiple Choice $195,500 $524,000 $625,000 $335,500 $436,500

Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $248,000, and Atkins's beginning partnership capital balance for the current year is $108,000. The partnership had net income of $377,000 for the year. Barber withdrew $101,000 during the year and Atkins withdrew $63,000. What is Barber's ending equity? Multiple Choice $195,500 $524,000 $625,000 $335,500 $436,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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