Question
Asked Oct 19, 2019
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Franco and Elisa share income equally. During the current year the partnership net income was $40,000 Franco made withdrawals of $12,000 and Elisa made withdrawals of $17,000. at the beginning of the year the capital account balance were: Franco capital $42,000 Elisa capital, $58,000 Elisa capital account balance at the end of the year is

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Step 1

The partner's capital represents the amount contributed in the business by the partner. It is computed by adding the partner's capital contributio...

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