Benson and Orton are partners who share income in the ratio of 1:3 and have capital balances of $70,000 and $30,000, respectively. Ramsey is admitted to the partnership and is given a 40% interest by investing $20,000. What is Orton’s capital balance after admitting Ramsey? a.$63,000 b.$9,000 c.$70,000 d.$20,000
Benson and Orton are partners who share income in the ratio of 1:3 and have capital balances of $70,000 and $30,000, respectively. Ramsey is admitted to the partnership and is given a 40% interest by investing $20,000. What is Orton’s capital balance after admitting Ramsey? a.$63,000 b.$9,000 c.$70,000 d.$20,000
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 12MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...
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Benson and Orton are partners who share income in the ratio of 1:3 and have capital balances of $70,000 and $30,000, respectively. Ramsey is admitted to the
a.$63,000
b.$9,000
c.$70,000
d.$20,000
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