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Capital balances in the MURF partnership are Molly, Capital $50,000; Ursula, Capital $40,000; Ray, Capital $30,000; and Fred, Capital $20,000, and income ratios are 4:3:2:1, respectively. Fred withdraws from the fi rm following payment of $29,000 in cash from the partnership. Ursula’s capital balance after recording the withdrawal of Fred is: a. $36,000.                   c. $38,000. b. $37,000.                  d. $40,000

Capital balances in the MURF partnership are Molly, Capital $50,000; Ursula, Capital $40,000; Ray, Capital $30,000; and Fred, Capital $20,000, and income ratios are 4:3:2:1, respectively. Fred withdraws from the fi rm following payment of $29,000 in cash from the partnership. Ursula’s capital balance after recording the withdrawal of Fred is: a. $36,000.                   c. $38,000. b. $37,000.                  d. $40,000

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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 Capital balances in the MURF partnership are Molly,

Capital $50,000; Ursula, Capital $40,000; Ray, Capital $30,000; and

Fred, Capital $20,000, and income ratios are 4:3:2:1, respectively.

Fred withdraws from the fi rm following payment of $29,000 in cash

from the partnership. Ursula’s capital balance after recording the

withdrawal of Fred is:

a. $36,000.                   c. $38,000.

b. $37,000.                  d. $40,000.

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