FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Benton and Orton are partners who share income in the ratio of 1:3 and have capital balances of $70,000 and $30,000, respectively. Ramsey is admitted

image text in transcribed

Benton and Orton are partners who share income in the ratio of 1:3 and have capital balances of $70,000 and $30,000, respectively. Ramsey is admitted to the partnership and is given a 40% interest by investing $20,000. What is Benton's capital balance after admitting Ramsey? Oa. $63,000 Ob. $20,000 Oc. $7,000 Od. $70,000

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

Intermediate Accounting

Intermediate Accounting

Authors: kieso, weygandt and warfield.

IFRS Edition

978-1118443965, 1118800532, 9781118800539, 978-0470873991

More Books

Students also viewed these Accounting questions

Question

★★★★★
Why is timing an important consideration when evaluating the distribution of a data set?

Answered: 1 week ago

Question

★★★★★
A convenience store has made up 20 grab bag gifts and is offering them for $2.00 a bag. Ten bags contain merchandise worth $1.00. Six bags contain merchandise worth $2.00, and four bags contain...

Answered: 1 week ago

Question

★★★★★
Customers arrive at a bank according to a Poisson process with a rate of ???? = 2 customers for a five-minute period. Find the probability that (i) three customers will enter the bank between 2:00...

Answered: 1 week ago

Question

★★★★★
What is the role of a chief security officer, and why is this organizational role a relatively new one?

Answered: 1 week ago

Question

★★★★★
Retained Earnings Statement Rolt Company began 2013 with a 145,000 balance in retained earnings. During the year, the following events occurred: 1. The company earned net income of $75,000. 2. A...

Answered: 1 week ago

Question

★★★★★
1. Through out the semester we have highlighted the importance of inflation management. When it comes to investments there are several ways to protect investments against inflation. Name two,...

Answered: 1 week ago

Question

★★★★★
1. Describe the ecological impact of *Ailanthus altissima* on native plant species in the reserve. 2. Discuss the mechanisms by which *Ailanthus altissima* outcompetes native plants. Include at least...

Answered: 1 week ago

Question

★★★★★
1. Define and differentiate between the terms genotype and phenotype. Provide an example to illustrate your answer. 2. Explain the concept of incomplete dominance. How does it differ from...

Answered: 1 week ago

Question

★★★★★
In a plant species, the allele for purple flowers (P) is dominant over the allele for white flowers (p), and the allele for tall plants (T) is dominant over the allele for short plants (t). A plant...

Answered: 1 week ago

Question

★★★★★
Question 1: What is Ohms Law and how is it mathematically represented? Question 2: Explain Kirchhoffs Current Law (KCL) and Kirchhoffs Voltage Law (KVL). Question 3:What is Thevenins Theorem and how...

Answered: 1 week ago

Question

★★★★★
Q1: What is performance measurement in accounting? Q2: What are Key Performance Indicators (KPIs), and why are they important?

Answered: 1 week ago

Question

★★★★★
Describe contextual influences on direct financial compensation.

Answered: 1 week ago

Question

★★★★★
Describe legally required benefits.

Answered: 1 week ago

Question

★★★★★
Discuss career development and career development methods.

Answered: 1 week ago

Previous Question Next Question