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September 20, 2014

Homework Help: Accounting

Posted by Big Dada on Monday, March 31, 2014 at 12:41pm.

The capital accounts of Hawk and Martin have balances of $160,000 and $140,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Hawk invested an additional $10,000. During the year, Hawk and Martin withdrew $86,000 and $68,000, respectively, and net income for the year was $258,000. The articles of partnership make no reference to the division of net income.

Based on this information, the statement of partnersí equity for 2010 would show what amount as total capital for the partnership on December 31, 2010?

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