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A partnership has the following capital balances: Allen, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,000 Burns, Capital

A partnership has the following capital balances:

Allen, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . .       $60,000
Burns, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . .        30,000
Costello, Capital . . . . . . . . . . . . . . . . . . . . . . . . . .        90,000

Profits and losses are split as follows: Allen (20 percent), Burns (30 percent), and Costello (50 percent). Costello wants to leave the partnership and is paid $100,000 from the business based on provisions in the articles of partnership. If the partnership uses the bonus method, what is the balance of Burns’s capital account after Costello withdraws?
  a. $24,000
  b. $27,000
  c. $33,000
  d. $36,000

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Advanced Accounting

Advanced Accounting

ISBN: 978-1259444951

13th edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni

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Question Details
Chapter # 14
Section: Problems
Problem: 12
Posted Date: October 04, 2022 00:20:25
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