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Tall and Short are partners who share profits and losses in the ratio of 6:4. On February 11th, 2021, their respective capital account balances were
Tall and Short are partners who share profits and losses in the ratio of 6:4. On February 11th, 2021, their respective capital account balances were as follows: $50,000 Tall Short 60,000 On that date, Middle was admitted as a partner with a one-third interest in capital and profits for an investment of $40,000. The new partnership began with a total capital of $150,000. Immediately after Middle's admission, how much is the capital balance for Short? (Hint: Which method must have been used?) A. $64,000. B. $50,000 C. $48,000. D. $56,000
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