Question
Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $65,500 and $28,700, respectively. With the consent
Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $65,500 and $28,700, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $44,000. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership?
a.$28,700
b.$44,000
c.$65,500
d.$32,750
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Financial Accounting A Global Perspective
Authors: Robert Libby, Patricia Libby, Daniel G Short
5th Edition
0071107746, 978-0071107747
