The capital accounts of Freddie Kim and Maria Spatton, partners in Imagine Plus, had balances of...
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The capital accounts of Freddie Kim and Maria Spatton, partners in Imagine Plus, had balances of $160,000 and $190,000, respectively, on January 1, 2024. During the year, Kim invested an additional $30,000 and each partner withdrew $100,000. Profit for the year was $300,000 and was shared equally between the partners. How much is the closing capital for Freddie Kim at December 31, 2024? The capital accounts of Freddie Kim and Maria Spatton, partners in Imagine Plus, had balances of $160,000 and $190,000, respectively, on January 1, 2024. During the year, Kim invested an additional $30,000 and each partner withdrew $100,000. Profit for the year was $300,000 and was shared equally between the partners. How much is the closing capital for Freddie Kim at December 31, 2024?
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