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Reynold joined the Partnership firm of Brotherly Accounting. He contributed $120,000 to the firm. Over the year Reynold received partnership drawings of $15,000. Last year
Reynold joined the Partnership firm of Brotherly Accounting. He contributed $120,000 to the firm. Over the year Reynold received partnership drawings of $15,000. Last year the company recorded a profit of $1,000,000. Reynold's share of the firm is 10%. What is Reynold's ACB? a. $120,000 b. $205,000 c. $100,000 d. $220,000 $120,00 b. $205,000 $100,000 $220,000
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
