On December 31, 2015, partners Barry, Manny and Lou shares profits and losses by 30:50:20. Before the retirement of partner Barry, the partners have interest amounting to: Barry- 35,100, Manny- 56,500 and Lou- 21,400. Final settlement to Barry is amounted to 30,900. How much is the capital balance of Lou after retirement?
On December 31, 2015, partners Barry, Manny and Lou shares profits and losses by 30:50:20. Before the retirement of partner Barry, the partners have interest amounting to: Barry- 35,100, Manny- 56,500 and Lou- 21,400. Final settlement to Barry is amounted to 30,900. How much is the capital balance of Lou after retirement?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On December 31, 2015, partners Barry, Manny and Lou shares
Before the retirement of partner Barry, the partners have interest amounting to: Barry- 35,100,
Manny- 56,500 and Lou- 21,400.
Final settlement to Barry is amounted to 30,900. How much is the capital balance of Lou after
retirement?
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