Business, 19.03.2020 01:48 Calliedevore

Caitlin, Chris, and Molly are partners and share income and losses in a 3:4:3 ratio. The partnership’s capital balances are Caitlin, $120,000; Chris, $80,000; and Molly, $100,000. Paul is admitted to the partnership on July 1 with a 20% equity and invests $160,000. The balance in Paul’s capital account immediately after his admission is:

(A) $140,400

(B) $99,600

(C) $107,200

(D) $160,000

(E) $120,400

Answers: 1

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Caitlin, Chris, and Molly are partners and share income and losses in a 3:4:3 ratio. The partnership...