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Could someone please help me with 7,8,9 ? Thank you! Its advanced accounting 7. If'a partner with a debit balance in his capital account is

image text in transcribedCould someone please help me with 7,8,9 ? Thank you! Its advanced accounting
7. If'a partner with a debit balance in his capital account is also insolvent, what happens to this partner during liquidation of the partnership? a. The partner must borrow money to invest in the partnership. b. The partnership will give the partner cash to the extent of the partner's debit balance. c. The partner must file for personal bankruptcy d. The partner's debit balance will be allocated to the other partners. Use the following information to answer the next 2 questions The Bill and BOB Partnership had the following capital balances on January I, 2018. Bill BOB 250,000 BOB agreed to manage the firm full time. The partnership agreement specifies that income is to be distributed as follows: BOB is to be paid a salary of $50,000; interest is to be paid at 10% on beginning capital balances; remaining profits or losses are to be shared in the ratio of 3:2 to Bill and BOB, respectively. 8. If partnership 2018 net income was $200,000, how much would be distributed to BOB? a. $128,600 b. $105,400 c. $117,000 d. $82,200 9. If partnership 2018 net income was $75,000, how much would be distributed to BOB? a. $55,400 b. $59,000 c.$57,200 d. $62,600

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