P invests $60,000 for one-third interest in the PQR Partnership. During the period, P's share of the partnership income is $120,000 and P has withdrawn $75,000. The partnership has recourse liabilities of $48,000. Using this information, which of the following is P's capital account balance? $60,000 $105,000 $120,000 $121,000
P invests $60,000 for one-third interest in the PQR Partnership. During the period, P's share of the partnership income is $120,000 and P has withdrawn $75,000. The partnership has recourse liabilities of $48,000. Using this information, which of the following is P's capital account balance? $60,000 $105,000 $120,000 $121,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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P invests $60,000 for one-third interest in the PQR Partnership. During the period, P's share of the partnership income is $120,000 and P has withdrawn $75,000. The partnership has recourse liabilities of $48,000. Using this information, which of the following is P's capital account balance?
$60,000
$105,000
$120,000
$121,000
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