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 $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Tomas' capital balance after closing Income Summary to Capital?

1. $22,500

2. $57,500

3. $102,500

4. $127,500

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9418239

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