When the Owner of a Sole Proprietorship Accepts a Partner,the

question 100

Multiple Choice

When the owner of a sole proprietorship accepts a partner,the assets of the proprietorship

• A) must be transferred to the partnership at the values reflected in the financial records of the proprietorship.
• B) must be converted to cash and used to pay any debts of the proprietorship,with excess cash available for investment in the new partnership.
• C) cannot be invested in the new partnership.
• D) may be adjusted to reflect current values before being transferred to the partnership.

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