Tomas and saturn are partners who share income in the ratio, Ask an Expert

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Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $40,000 and $60,000 respectively. Income Summary has a credit balance of $20,000. What is Saturn's capital balance after closing Income Summary to Capital?

1. $55,000

2. $75,000

3. $65,000

4. $45,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9418228

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