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Tom and Jerry had capital balances of $80,000 and $120,000 respectively when Wendy invested $100,000 for a one-third ownership of the business. All of the
Tom and Jerry had capital balances of $80,000 and $120,000 respectively when Wendy invested $100,000 for a one-third ownership of the business. All of the following statements are TRUE except
Toms capital account will not be affected.
there will be no bonus to the new partner.
Wendys capital account will be debited for $100,000.
there will be no bonus to the existing partners.
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Expert Systems And Artificial Intelligence In Internal Auditing
Authors: Daniel E. O'Leary, Paul R. Watkins
1st Edition
1558760865, 978-1558760868
