Patty and Paul are partners who share income in the ratio of 3:2 (3/5 to Patty and 2/5 to Paul). Their capital balances are $90,000 and $130,000, respectively, on January 1. The partnership generated net income of $40,000 for the year. What is Paul's capital balance after closing the revenue and expense accounts to the capital accounts? Question 32 options: $120,000 $146,000 $164,000 $160,000
Patty and Paul are partners who share income in the ratio of 3:2 (3/5 to Patty and 2/5 to Paul). Their capital balances are $90,000 and $130,000, respectively, on January 1. The partnership generated net income of $40,000 for the year. What is Paul's capital balance after closing the revenue and expense accounts to the capital accounts? Question 32 options: $120,000 $146,000 $164,000 $160,000
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
Related questions
Question
Patty and Paul are partners who share income in the ratio of 3:2 (3/5 to Patty and 2/5 to Paul). Their capital balances are $90,000 and $130,000, respectively, on January 1. The partnership generated net income of $40,000 for the year. What is Paul's capital balance after closing the revenue and expense accounts to the capital accounts?
Question 32 options:
|
|
$120,000 |
|
|
$146,000 |
|
|
$164,000 |
|
|
$160,000 |
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