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Michael Reed's capital account in Summit Consulting Group, a general partnership, had the following details for the recent year: Category Beginning of the year balance Share of partnership income Amount ($) $50,000 $15,000 Withdrawals made during the year $9,000 Determine Reed's partner return on equity (ROE) for the year.

Michael Reed's capital account in Summit Consulting Group, a general partnership, had the following details for the recent year: Category Beginning of the year balance Share of partnership income Amount ($) $50,000 $15,000 Withdrawals made during the year $9,000 Determine Reed's partner return on equity (ROE) for the year.

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 3PB
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What is the return on equity of this financial accounting question

Michael Reed's capital account in Summit Consulting Group, a general partnership, had the following details for the recent year: Category Beginning of the year balance Share of partnership income Amount ($) $50,000 $15,000 Withdrawals made during the year $9,000 Determine Reed's partner return on equity (ROE) for the year.
Transcribed Image Text:Michael Reed's capital account in Summit Consulting Group, a general partnership, had the following details for the recent year: Category Beginning of the year balance Share of partnership income Amount ($) $50,000 $15,000 Withdrawals made during the year $9,000 Determine Reed's partner return on equity (ROE) for the year.
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