Partners ken and macki each have a 40000 capital balance, Ask an Expert

Accounting

Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $80,000, the Macki's capital account will:

a. decrease by $16,000.

b. decrease by $24,000.

c. increase by $24,000.

d. decrease by $40,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9417943

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