1- Tomas and Saturn are partners who share income in the ratio of 3:1. Their...
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Accounting
1- Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is Saturn's capital balance after closing the revenue and expense accounts to the capital accounts?
a. $127,500
b. $112,500
c. $102,500
d. $120,000
2- Franco and Jason share income and losses in a 2:1 ratio after allowing for salaries of $17,400 and $42,900, respectively. If the partnership suffers a $15,900 loss, by how much would Jason's capital account increase?
a. $17,500
b. $31,800
c. $37,600
d. $42,900
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