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Yee,Young,and Kong Form a Partnership

question 31

Essay

Yee,Young,and Kong form a partnership.Yee contributes $50,000 cash,Young contributes $10,000 in cash and equipment with and fair value of $32,000 and Kong contributes cash of $15,000.Prepare the journal entry to record the formation of the partnership.


Definitions:

Populations

The whole set of individuals or objects of interest in a particular study or statistical analysis.

Categories

Distinct groups or classes into which data or objects are organized.

Nominal Data

Data classified into categories that cannot be ordered in a meaningful way, used in qualitative analysis.

Chi-squared Goodness-of-fit

A statistical test that measures how well observed data fit an expected distribution in categorical data.

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