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

Question

1 Approved Answer

Eberle and Lankton are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Eberle, $175,000

image text in transcribed

Eberle and Lankton are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Eberle, $175,000 and Lankton, $180,000. On that date, they agree to admit Newman as a partner with a one-third capital interest. If Newman invests $125,000 in the partnership, what is Lankton's capital balance after Newman's admittance? a. $158,333 O b. $166,000 O c. $160,000 O d. $150,000

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

Accounting The Basis For Business Decisions

Accounting The Basis For Business Decisions

Authors: Robert F. Meigs, Walter B Meigs

5th Edition

007041551X, 9780070415515

More Books

Students also viewed these Accounting questions

Question

★★★★★
A cylinder with a constant load on the piston contains water at 500 kPa, 20 C and volume of 1 L. The bottom of the cylinder is connected with a line and valve to a steam supply line carrying...

Answered: 1 week ago

Question

★★★★★
Some friends pay a total of $19 for a pizza. Each of the n friends pays an equal share of the cost. Complete Table 13 to help find an expression that describes the cost (in dollars) per person. Show...

Answered: 1 week ago

Question

★★★★★
1. Understand why a psychological analysis of inter-personal violence is important in the assessment and treatment of offenders

Answered: 1 week ago

Question

★★★★★
Clover Dairy Products Corp. buys one input, full-cream milk, and refines it in a churning process. From each gallon of milk Clover produces three cups of butter and nine cups of buttermilk. During...

Answered: 1 week ago

Question

★★★★★
You are interested in determining the number of words in the following file under the spreadsheets subdirectory: assignments / data _ sources Which of the following command should you use? w c - w ?...

Answered: 1 week ago

Question

★★★★★
14. For those wishing to purchase a franchise, the Federal Trade Commission acts as a guardian ensuring that the business idea is sound and that the information in the Franchise Disclosure Document...

Answered: 1 week ago

Question

★★★★★
a (400-2a) Figure 1.48 Problem 4 4 m T a A 15 mm- D |-- P-17 kN A round steel bar of a length of 400mm and a diameter of 15mm at the middle portion is subjected to an axial tensile force of 17kN....

Answered: 1 week ago

Question

★★★★★
One of the restrictions in this exercise was that you were not allowed to use loops. All of the functions in this exercise could have been implemented with loops instead of list methods. Which do you...

Answered: 1 week ago

Question

★★★★★
Answer the question in terms of kN for the last picture no need to do the other ones with the solution. In problem 2-23, a round tube section 3 mm thick was one of the options to prevent buckling. If...

Answered: 1 week ago

Question

★★★★★
Question 1 (6 marks) Two cables are attached to a wall by a pin at O with the tensions in the cables adjusted to 450 N and 500 N as shown in the following diagram. 450N 30 500N Use the method of...

Answered: 1 week ago

Question

★★★★★
Many people have argued that the continuum of processes described by Garvin is outdated and does not apply to digital businesses. Very often digital businesses do not have equipment, or raw material,...

Answered: 1 week ago

Question

★★★★★
Consider a die-rolling experiment with events A, E1, E2, and E3 given by the following: A = 32, 4, 64 E1 = 31, 24 E2 = 33, 44 E3 = 35, 64 Show that E1 > A, E2 > A, and E3 > A are mutually exclusive...

Answered: 1 week ago

Question

★★★★★
3.119 You are responsible for detecting the source of the error when a computer system fails. From your analysis you know that the source of error is the disk drive, the computer memory, or the...

Answered: 1 week ago

Question

★★★★★
Consider a die-rolling experiment with A = 32, 4, 64 and B = 34, 5, 64. Show the following: a. (ANB) U (ANB) = B b. AU (ANB) = AUB

Answered: 1 week ago

Previous Question Next Question