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Arlene, Brad, and Chick are partners, sharing income 2:1:2. After selling all of the assets for cash, dividing gains and losses on realization, and paying
Arlene, Brad, and Chick are partners, sharing income 2:1:2. After selling all of the assets for cash, dividing gains and losses on realization, and paying liabilities, the balances in the capital accounts are as follows! Arlene, $10,000 Cr; Brad, $10,000 Cr; and Chick, $30,000 Cr. How much cash should be distributed to Arlene? $6,000 $20,000 $10,000 $16,667 If Vickers Company issues 4,000 shares of $5 par value common stock for $140,000. Common Stock will be credited for $140,000. Paid-In Capital in Excess of Par will be credited for $20,000. Paid-in Capital in Excess of Par will be credited for $120,000. Cash will be debited for $120,000. Crain Company issued 2,000 shares of its $5 par value common stock in payment of its attorney's bill of $40,000. The bill was for services performed in helping the company incorporate. Crain should record this transaction by debiting Legal Expense for $10,000. Legal Expense for $40,000. Research Expense for $10,000. Payroll Tax Expense for $40,000
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