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Caitlin, Chris, and Molly are partners and share income and losses in a 3:4:3 ratio (in ratio form: Caitlin, 3/10; Chris, 4/10; Molly, 3/10). The partnership’s capital balances are Caitlin, $139,000; Chris, $99,000; and Molly, $119,000. Paul is admitted to the partnership on July 1 with a 20% equity and invests $79,000. The balance in Paul’s capital account immediately after his admission is:   Multiple Choice $90,800 $357,000 $198,000 $107,200 $87,200

Caitlin, Chris, and Molly are partners and share income and losses in a 3:4:3 ratio (in ratio form: Caitlin, 3/10; Chris, 4/10; Molly, 3/10). The partnership’s capital balances are Caitlin, $139,000; Chris, $99,000; and Molly, $119,000. Paul is admitted to the partnership on July 1 with a 20% equity and invests $79,000. The balance in Paul’s capital account immediately after his admission is:   Multiple Choice $90,800 $357,000 $198,000 $107,200 $87,200

FINANCIAL ACCOUNTING
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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Caitlin, Chris, and Molly are partners and share income and losses in a 3:4:3 ratio (in ratio form: Caitlin, 3/10; Chris, 4/10; Molly, 3/10). The partnership’s capital balances are Caitlin, $139,000; Chris, $99,000; and Molly, $119,000. Paul is admitted to the partnership on July 1 with a 20% equity and invests $79,000. The balance in Paul’s capital account immediately after his admission is:

 

Multiple Choice

$90,800

$357,000

$198,000

$107,200

$87,200   

 

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