The partner equity balances are Jack, Capital 30000,Current 90000; Bob, Capital 35000, Current 12000; and Tim, Capital 14000, Current 4000. The profit-and-loss sharing ratio is 1:3:2 to Jack , Bob and Tim. Jack withdraws and receives 55000 cash from the partnership. The balance of Tim's capital account after Jack's withdraw is: The balance of Tim's current account after Jack's withdraw is:
The partner equity balances are Jack, Capital 30000,Current 90000; Bob, Capital 35000, Current 12000; and Tim, Capital 14000, Current 4000. The profit-and-loss sharing ratio is 1:3:2 to Jack , Bob and Tim. Jack withdraws and receives 55000 cash from the partnership. The balance of Tim's capital account after Jack's withdraw is: The balance of Tim's current account after Jack's withdraw is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The partner equity balances are Jack, Capital 30000,Current 90000; Bob, Capital 35000, Current 12000; and Tim, Capital 14000, Current 4000.
The profit-and-loss sharing ratio is 1:3:2 to Jack , Bob and Tim. Jack withdraws and receives 55000 cash from the
The balance of Tim's capital account after Jack's withdraw is:
The balance of Tim's current account after Jack's withdraw is:
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