Nick, Alan, and Tim Are Partners Who Share Profits 40

question 91

Essay

Nick, Alan, and Tim are partners who share profits 40%, 20%, and 40%. Their capital balances were $630,000, $420,000, and $210,000, respectively, before Tim's retirement. Tim was paid $270,000 from partnership assets to buy his interest.
Instructions
Compute the capital balances of Nick and Alan after Tim has withdrawn.

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Definitions:

Firing-Line Staff

Employees directly involved in the operational processes who face the immediate impacts of decisions and changes within an organization.

High-Authority Figures

Individuals who hold positions of significant power, influence, or responsibility in a society or institution.

Inter-Organizational Collaboration

The process by which multiple organizations come together to achieve a common goal, sharing resources, knowledge, and capabilities.

Learning Difficulties

Challenges or conditions that affect a person's ability to learn in a typical manner, which may require specialized approaches or support.