Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 17, 2024

A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson, capital (40% of all profits and losses) $75,000 Kaporale,

A local dental partnership has been liquidated and the final capital balances are as follows:

Atkinson, capital (40% of all profits and losses) $75,000

Kaporale, capital (30%) $35,000

Dennsmore, capital (20%) $(53,000)

Rasputin, capital (10%) $(57,000)

If Rasputin contributes additional cash of $26,000 to the partnership, what should happen to it?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting

Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker

10th edition

78025621, 978-0078025624

Students also viewed these Accounting questions

Question

★★★★★

The time between arrivals of customers at an automatic teller machine is an exponential random variable with a mean of 5 minutes. (a) What is the probability that more than three customers arrive in...

Answered: 1 week ago

Question

★★★★★

Explain how irregular items are reported.

Answered: 1 week ago

Question

★★★★★

Find a friend or family member who has a demanding yet rewarding job. Ask them about their work pressures and consider whether these are challenge or hindrance demands.

Answered: 1 week ago

Question

★★★★★

Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating segment is presented below. Required: 1. Complete the % columns to be...

Answered: 1 week ago

Question

★★★★★

GhP. 2o Ethical ISSUE FORUM DESCRIPTION All chapter discussions are 'post-first' discussions. That means you must create and submit your own response (post) before you are able to see discussion...

Answered: 1 week ago

Question

★★★★★

De W Moving to another question will save this response Question 79 Question 2 10 points Tan Long Sdn. Bhd. bought a motor vehicle with a cost of RM100,000 on January 2018 and adopted the revaluation...

Answered: 1 week ago

Question

★★★★★

Emilie Peters, the manager of the Laptop Division at Multitech Corporation, has enjoyed success. Her division's return on investment (ROI) has consistently been 18 percent on a total investment in...

Answered: 1 week ago

Question

★★★★★

Mack's Juices produces and bottles a line of fruit juices. The manufacturing process entails mixing and adding juices and other ingredients at the bottling plant, which is a part of Blending...

Answered: 1 week ago

Question

★★★★★

Assume that last year in a particular state with 700000 children there were 1307 children out of 33400 in a random sample who were diagnosed with Autism Spectrum Disorder. Nationally, 1 out of 88...

Answered: 1 week ago

Question

★★★★★

Exercise 14-30 (Algo) ROI versus RI (LO 14-2, 3) Albany Division is considering the acquisition of a new asset that will cost $540,000 and have a cash flow of $186,000 per year for each of the four...

Answered: 1 week ago

Question

★★★★★

In a famous study done in the 1960s two dolphins, Doris and Buzz, were trained to work together to earn fish. Doris was shown a light underwater. If the light was on steadily, her partner Buzz on the...

Answered: 1 week ago

Question

★★★★★

with one method of a procedure called acceptance sampling, a sample of Items is randomly selected without replacement and the entire batch is accepted if every item In the sample is okay. The ABC...

Answered: 1 week ago

Previous Question Next Question