Dominic and Morgan are partners. Dominic has a capital balance of$360,000 and Morgan has a capital balance

Fantastic news! We've Found the answer you've been seeking!

Question:

Dominic and Morgan are partners. Dominic has a capital balance of$360,000 and Morgan has a capital balance of$225,000. Morgan sells$125,000 of his ownership to Lance. Which of the following is true of the items in the balancesheet?

a) the total equity decreases 125,000

b) assets will decrease by 125,000

c) assets will increase by 125,000

d) the total equity remains unchanged

Posted Date: Jun 14, 2024 03:15 PM

See More Questions

Directors are expected to use their best judgment in managing the corporation. What must directors do to avoid liability for honest mistakes of judgment and poor business decisions? LO5
For a recent year, McDonalds company-owned restaurants had the following sales and expenses (in millions): Sales $16,083 Food and packaging $ 5,350 Payroll 4,185 Occupancy (rent, depreciation, etc.)...
Prefab, a furniture manufacturer, uses 2 0 , 0 0 0 square feet of plywood per month. Its trucking company charges Prefab $ 4 0 0 per shipment, independent of the quantity purchased. The manufacturer...
a) b) Determine the restrictions for each of the following rational expressions: 5x 10x+15y x + 9x+18 2m+4 c) n2-2n-24
How do I discuss at least two hazardsand patient safety concernsassociatedwith the major risk categories in a practice?Explain
What are the ideology and fundamentals of Safety Management Systems (SMS)? How do you implement a Safety Management Systems (SMS)? What are the main components of an Safety Management Systems (SMS)?...
Identify a recent technological advancement apart from the internet and explain how it has increased the productivity of labor, capital or both and how this leads (or will lead) to economic growth?
How do cultural differences in communication styles, conflict norms, and resolution preferences influence the approach to conflict resolution in multicultural environments ?
Strategic innovation can be used to create new markets, or 'blue oceans', where competitors are made irrelevant. Some organisations prefer to enter into an existing market since a market segment...
Gammaro Games is considering an equipment investment that will cost $960,000. Projected net cash inflows over the equipment's three-year life are as follows: Year 1: $488,000; Year 2: $396,000; and...

Dominic and Morgan are partners. Dominic has a capital balance of$360,000 and Morgan has a capital balance

Question:

Expert Answer:

Students also viewed these accounting questions