Cox north and lee form a partnership cox contributes 198000, Accounting Basics

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Cox north and lee form a partnership cox contributes 198000

Question: Cox, North, and Lee form a partnership. Cox contributes $198,000, North contributes $165,000, and Lee contributes $297,000. Their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $167,000 for its first year, what amount of income is credited to Cox's capital account?

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Accounting Basics: Cox north and lee form a partnership cox contributes 198000

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Accounting Basics: Cox north and lee form a partnership cox contributes 198000

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