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Bishop has a capital balance of $ 120,000 in a local partnership, and Cotton has a $ 90,000 balance. These two partners share profits and losses by a ratio of 60 percent to Bishop and 40 percent to Cotton. Lovett invests $ 60,000 in cash in the partnership for a 20 percent ownership. The goodwill method will be used. What is Cottons capital balance after this new investment?

$99,600.00
$102,000.00
$112,000.00
$126,000.00

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Accounting Basics, Accounting

Category:- Accounting Basics
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