Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Albert, Ben, and Carl have capital balances of $ 8 0 , 0 0 0 , $ 9 0 , 0 0 0 and $

Albert, Ben, and Carl have capital balances of $80,000, $90,000 and $130,000 respectively when Ben and Carl agree to buy Alberts share of the partnership using a combination of personal and partnership assets. The current profit or loss ratio is 1:2:2, respectively. Albert is paid $25,000 from each of the other partners personal assets for one-half of his interest and $50,000 from partnership assets for the other half. Once the transaction has been recorded, Ben's capital balance will be
Select answer from the options below
$75,000.
$85,000.
$80,000.
$105,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

British And German Banking Strategies

Authors: S. Janssen

1st Edition

0230220487, 9780230220485

More Books

Students also viewed these Accounting questions

Question

=+Identify the key components of a strategic plan

Answered: 1 week ago