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PHILIP, CALVIN, AND AARON ARE PARTNERS WHO SHARE PROFITS AND LOSSES 50%, 30%, AND 20%, RESPECTIVELY. THEIR CAPITAL BALANCES ARE $150 000, $90 000, AND
PHILIP, CALVIN, AND AARON ARE PARTNERS WHO SHARE PROFITS AND LOSSES 50%, 30%, AND 20%, RESPECTIVELY. THEIR CAPITAL BALANCES ARE $150 000, $90 000, AND $60 000 RESPECTIVELY.
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ASSUME JAMES JOINS THE PARTNERSHIP BY INVESTING $120 000 FOR A 25% INTEREST. WHAT ARE THE CAPITAL BALANCES OF ALL PARTNERS AFTER THE ADMISSION OF JAMES? SHOW ALL SUPPORTING CALCULATIONS.
ASSUME INSTEAD THAT AARON LEAVES THE PARTNERSHIP. AARON IS PAID $180 000. WHAT ARE THE CAPITAL BALANCES OF ALL PARTNERS AFTER THE WITHDRAW OF AARON?
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Auditing A Practical Approach with Data Analytics
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
1st edition
1119401747, 978-1119401742
