Tom and Dick Partnership agree to admit Harry. Capital balances of Tom and Dick are $92,000 and $75,000, respectively. Tom and Dick share profits/(losses) on a 45:55 basis. Harry invests $65,000 for a 25% interest. What amount of the bonus is allocated to Dick? Question 19 options: a) $65,000 b) $ 3,850 c) $58,000 d) $ 7,000
Tom and Dick Partnership agree to admit Harry. Capital balances of Tom and Dick are $92,000 and $75,000, respectively. Tom and Dick share profits/(losses) on a 45:55 basis. Harry invests $65,000 for a 25% interest. What amount of the bonus is allocated to Dick? Question 19 options: a) $65,000 b) $ 3,850 c) $58,000 d) $ 7,000
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 11MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...
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Tom and Dick Partnership agree to admit Harry. Capital balances of Tom and Dick are $92,000 and $75,000, respectively. Tom and Dick share profits/(losses ) on a 45:55 basis. Harry invests $65,000 for a 25% interest. What amount of the bonus is allocated to Dick?
Question 19 options:
a)
$65,000
b)
$ 3,850
c)
$58,000
d)
$ 7,000
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