Question: Abbott and Baker form a partnership with each partner contributing $50.000cmh. Abbont will hwe mots to do with tan dar to-day operations of the partnership
Abbott and Baker form a partnership with each partner contributing $50.000cmh. Abbont will hwe mots to do with tan dar to-day operations of the partnership so the partnership agrement calls for Abbott to set 8006 of the partnerships earnirg. During the first year of operations, the company earned $45.000 revenue and incurred and paid $25.000 of expenses. Each partner withdrew $2,000 at the end of Year 1. What is the value of Abbott's Capital account on the Year 1 Balance Sheet? $58,000$50,000$66,000$64,000
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