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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?
a. $127,500
b. $102,500
c. $57,500
d. $22,500
Solution
Tomas' closing capital balance = $80,000 + $30,000 * 3/4 = $102,500 . Thus, option B

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Tomas and Saturn are partners who share income in the ratio of 3-1- Th.docx

  • 1. 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? a. $127,500 b. $102,500 c. $57,500 d. $22,500 Solution Tomas' closing capital balance = $80,000 + $30,000 * 3/4 = $102,500 . Thus, option B