Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $68,100 and $28,200, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $40,900. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership?
a.$34,050
b.$28,200
c.$68,100
d.$40,900
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $68,100 and $28,200, respectively. With the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The company wants to increase the capacity of the plant by 500,000 units at a fixed cost of $2 million. The fixed cost will be incurred this year. Should They do it
Answers (1)
4. Classify each of the following products into either convenience, shopping, specialty or unsought goods: toothpaste, life insurance, Viso TV, Eggo waffles, lettuce, Coach handbag, adidas soccer cleats, l furniture.
Answers (1)
During the year, a wealthy local merchant donated a building to the City of Rosewood. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000.
Answers (1)
Cashier's checks Checks Question 5 0/1 pts If Sid Inc. has net sales of $750,000, sales on account of $600,000, and sales returns and allowances of $50,000, what would be the bad debt expense for the year, assuming that Sid uses an estimate of 12%
Answers (1)
Which of the following best describes a liability? a. anything of value owned by the business. b. something that a business owes. c. listed on the lift - hand side of a balance sheet. d. always equal to an asset
Answers (2)
New Questions in Business
If the reserve ratio is 10%, and banks do not hold excess reserves, when the Fed purchases $10 million of government bonds, bank reservesA) increase by $10 million and the money supply could eventually increase by $10 million.
Answers (1)
A segment has the following dа ta: Sales $720000 Variable expenses 310000 Fixed expenses 550000 What will be the incremental effect on net income if this segment is eliminated, assuming the fixed expenses will be allocated to profitable
Answers (1)
Carroll Corporation has two products, Q and P. During June, the company's net operating income was $19,500, and the common fixed expenses were $43,000.
Answers (1)
Suppose you have two job offers and are considering the trade-offs between them. job a pays $45,000 per year and includes health insurance with two weeks of paid vacation.
Answers (1)
Suppose that consumer income increases and that ground meat is an inferior good. Which of the following will occur in the market for ground meat? a. Market clearing price will rise, and equilibrium quantity will fall. b.
Answers (1)