Kaitlyn Fields and Tyler Unger Are Partners

question 6

Essay

Kaitlyn Fields and Tyler Unger are partners.To expand the expertise of their business,they have agreed to admit Serena Singh to the partnership on January 1,2016.The capital account balances on January 1,2016,after revaluation of assets,are Fields,$80,000,and Unger,$60,000.Net income or net loss is shared equally.On page 7 of a general journal,record the admission of Singh to the partnership on January 1,2016,assuming that Fields sells one-half of her interest to Singh for $39,000 in cash.Omit the description.

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Definitions:

Proportion

A part, share, or number considered in comparative relation to a whole; the relationship of one thing to another in terms of quantity, size, or number.

Children

Young human beings below the age of puberty or below the legal age of majority, often considered in the context of familial and social development.

Fastest Growing Households

Households that are increasing in number or size at a rate faster than other types, often due to specific social, economic, or demographic trends.

Cohabitors

Individuals who live together in a romantic relationship without being legally married.