Assets:

Current Assets

Cash $2,500

Accounts Receivable $15,500

Inventory $12,000

Fixed Assets $20,000

Total Assets $50,000

Liabilities + Owners' Equity

Current Liabilities

Accounts Payable $3,000

Notes Payable $7,000

Long-Term Debt $0

Owners' Equity

Ann, Capital $22,000

Bob, Capital $5,500

Cob, Capital $12,500

Total Liabilities $50,000

Assume the ABC partnership agrees to share profits in a 2:4:1 ratio, in order of listing. The partnership decides to admit Doc as a new partner with 1/5 interest in the new partnership after Doc has paid $41,000. The extra amount he pays is to serve as bouns to old partners. Show Calculations.

Bonus Amount _______________

New Capital Balances:

Ann__________

Bob__________

Cob_________

Doc_________

New Capital Amount______________