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

Question

1 Approved Answer

Partner A and Partner B have capital balances of $40,000 and $60,000, respectively, prior to the admission of Partner C. Partner C contributes $20,000 in

Partner A and Partner B have capital balances of $40,000 and $60,000, respectively, prior to the admission of Partner C. Partner C contributes $20,000 in exchange for a 20% interest in the partnership. The partnership agreement stipulates profits and losses are shared equally. What will be the balance in Partner A's capital account after the admission of Partner C?

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_2

Step: 3

blur-text-image_3

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

The Practice Of Modern Internal Auditing

The Practice Of Modern Internal Auditing

Authors: Lawrence B Sawyer

1st Edition

B0006C58OA, 978-0894130120

More Books

Students also viewed these Accounting questions

Question

★★★★★
Let be a pair of independent random variables with the same exponential PDF, fXi (x) = exp( x) u( x) i = 1, 2 Define Y1, Y2 to be the order statistics associated with the Xi. That is, Y1 = min (X1,...

Answered: 1 week ago

Question

★★★★★
Weak Persuasive Memo Analyze the following document on ways to save money. There are at least five weakness that make this difficult to read. Revise the memo, make your name the sender and submit to...

Answered: 1 week ago

Question

★★★★★
Describe the concepts of short-term memory and working memory. Why has the working memory approach largely superseded the approach based on short-term memory?

Answered: 1 week ago

Question

★★★★★
On January 1, Year 5, PET Company acquired 900 ordinary shares of SET Company for $63,000. On this date, the shareholders equity accounts of SET Company were as follows: Ordinary shares (1,000 no par...

Answered: 1 week ago

Question

★★★★★
Partner A and Partner B have capital balances of $40,000 and $60,000, respectively, prior to the admission of Partner C. Partner C contributes $20,000 in exchange for a 20% interest in the...

Answered: 1 week ago

Question

★★★★★
A home improvement store, like Lowe's, carries the following items: Required: 1. Compute the total cost of inventory. 2. Determine whether each inventory item would be reported at cost or net...

Answered: 1 week ago

Question

★★★★★
2.11 LAB: Importing packages Import the necessary modules and read in a csv file. The homes dataset contains 18 features giving the characteristics of 76 homes being sold. The modules will be used...

Answered: 1 week ago

Question

★★★★★
If a byte is written to an ECC memory module that has four-bit values set to 1, and four set to 0, which type of parity information will be used?

Answered: 1 week ago

Question

★★★★★
A client has expressed concern about schema changes occurring without their data platform team's knowledge. Which step in proactive data observability helps detect this issue?

Answered: 1 week ago

Question

★★★★★
Generate a public/private key pair and use the private key to encrypt the message "Hello Professor". Use the tool and instruction at https://cryptotools.net/rsagen or any other key generator.

Answered: 1 week ago

Question

★★★★★
A well-insulated 2-m 3 rigid tank contains saturated ammonia at 40 C. Initially, the tank contains 50% (volume based) of this ammonia in liquid form and the rest (50%) in vapor form. The valve (on...

Answered: 1 week ago

Question

★★★★★
4. To what extent do you think measures of a countrys wellbeing should be included when comparing the performance of countries? Should there be something like the balanced scorecard, discussed in...

Answered: 1 week ago

Question

★★★★★
2. In your opinion do you think that measures of social performance should be considered when deciding managers pay? If so what measures should be used?

Answered: 1 week ago

Question

★★★★★
2. Obtain a copy of the safety policy for either your college or your workplace. a. Use this to identify the roles of various people in the organisation in relation to health and safety. b. Use the...

Answered: 1 week ago

Previous Question Next Question