Fred's capital account balance at the end of the year is:
Chapter21: Partnerships
Section: Chapter Questions
Problem 7BCRQ
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Question
Fred and Ethel share income equally. During the current year the partnership net income was $40,000. Fred made withdrawals of $12,000 and Ethel made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Fred capital, $42,000; Ethel capital, $58,000. Fred's capital account balance at the end of the year is:
Group of answer choices
$62,000
$76,500
$50,000
$64,500
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