The partnership capital is 300,000 and its total liabilities are 100,000. if the assets of the partnership are undervalued by 20% and the liabilities are overvalued by 10%, how much is the correct amount of Partner B’s capital if his interest in the partnership is 40%
The partnership capital is 300,000 and its total liabilities are 100,000. if the assets of the partnership are undervalued by 20% and the liabilities are overvalued by 10%, how much is the correct amount of Partner B’s capital if his interest in the partnership is 40%
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 12MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...
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The partnership capital is 300,000 and its total liabilities are 100,000. if the assets of the
partnership are undervalued by 20% and the liabilities are overvalued by 10%, how much is the
correct amount of Partner B’s capital if his interest in the partnership is 40%
A. 200,000
B. 164,000
C. 160,000
D. 120,000
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