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Determine the ending capital balance for alpha and beta

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Question - Alpha and Beta are equal partners. At the beginning of the year Alpha has $500,000 in his capital account while Beta has $800,000 in her partnership account. The partnership agreement states that partners get 15% interest on their capital accounts and that Alpha gets a $30,000 salary for work done for the partnership. Any remaining profits or losses are equally divided between the partners. Income before interest and Alpha's salary was $175,000. Determine the ending capital balance for Alpha and Beta.

Reference no: EM131788308

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