Oliver, Peter, and Wendell are partners in NewTech Company an R&D firm specializing in cloud storage. Their
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Oliver, Peter, and Wendell are partners in NewTech Company an R&D firm specializing in cloud storage. Their capital balances are $30,000, $22,000, and $15,000, respectively, on November 23, 2017. They share profit and losses in the ratio of 3:2:1. Peter retires on November 23, 2017, and has agreed to accept $15,000 for his share of the partnership. Record Peter’s retirement and calculate the resulting balances in the capital accounts.
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2017 Nov 23 Peter Capital Cash Oliver ...View the full answer
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