Solved: At the beginning of the year the capital account balances, Accounting Basics

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At the beginning of the year the capital account balances

Question - Fred and Ethel share income equally. During the current year the partnership net income was $35,859. Fred made withdrawals of $12,835 and Ethel made withdrawals of $16,966. At the beginning of the year, the capital account balances were: Fred capital, $42,365; Ethel capital, $51,352. What is the Fred's capital account balance at the end of the year?

a. $42,365

b.$47,460

c. $78,224

d. $60,295

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Accounting Basics: At the beginning of the year the capital account balances

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