Question
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $50,900 and $64,800, respectively. Ramsey is admitted
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $50,900 and $64,800, respectively. Ramsey is admitted to the partnership and is given a 40% interest by investing $24,000. What is Benson's capital balance after admitting Ramsey?
a.$64,800
b.$50,900
c.$38,148
d.$31,880
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
17th edition
007802577X, 978-0078025778
