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Answer to Question #73971 in Accounting for Amarilys Lanzo Morales

Question #73971
Partners Roger and Martin each have $3,000 capital balances and share income and losses in a 2:1 ratio for Roger and Martin, respectively. Cash equals $1,000, noncash assets total $10,000, and liabilities are $5,000. If all the noncash assets are sold for $4,000, Martin's capital account will:
Expert's answer
Partners Roger and Martin each have $3,000 capital balances and share income and losses in a 2:1 ratio for Roger and Martin, respectively. Cash equals $1,000, noncash assets total $10,000, and liabilities are $5,000. If all the noncash assets are sold for $4,000, Martin's capital account will not change, as 1,000 + 4,000 - 5,000 = 0.

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