Following are the capital account balances and profit and loss percentages (indicated parenthetically) for the William, Jennings, and Bryan partnership: William (45%) Jennings (45%) Bryan (10%) $300,000 250,000 230,000 Darrow invests $345,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill. or other revaluation is to be recorded. After the transaction, what is Jennings's capital balance? Multiple Choice $253,375 $252,250 . $353,500 $250,000
Following are the capital account balances and profit and loss percentages (indicated parenthetically) for the William, Jennings, and Bryan partnership: William (45%) Jennings (45%) Bryan (10%) $300,000 250,000 230,000 Darrow invests $345,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill. or other revaluation is to be recorded. After the transaction, what is Jennings's capital balance? Multiple Choice $253,375 $252,250 . $353,500 $250,000
Chapter13: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 29CE
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Rr.5.
Transcribed Image Text:Following are the capital account balances and profit and loss percentages (indicated parenthetically) for the
William, Jennings, and Bryan partnership:
William (45%)
Jennings (45%)
Bryan (10%)
$300,000
250,000
230,000
Darrow invests $345,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill
or other revaluation is to be recorded. After the transaction, what is Jennings's capital balance?
Multiple Choice
.
$253,375
$252,250
$353,500
$250,000
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