Floyd and Merriam Start a Partnership Business on June 12

question 136

Multiple Choice

Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows: They agreed to admit Ramelow into the business for a one-fifth interest in the new partnership. He had to bring in a cash contribution of $30,000 for the same. Assuming that Floyd and Merriam shared profits and losses in the ratio 3:1 before the admission of Ramelow. Which of the following is the correct journal entry to record the above admission?

Understand Keynes's explanations for the Great Depression and his policy recommendations.

Analyze the effects of shifts in aggregate demand on the economy's output and price level.

Identify the components and regions of the aggregate supply curve.

Grasp the fundamentals of classical economic theory, including the self-regulating nature of markets.

---

Definitions:

Job Satisfaction

A measure of how content an individual is with his or her job, involving factors like work environment, task variety, compensation, and organizational culture.

Gaining Commitment

The process of securing others' support and dedication towards a particular goal or course of action.

Loyalty

A strong feeling of support or allegiance to someone or something, often manifested through consistent preference or patronage.

Organizational Context

The set of circumstances or conditions, including culture and structure, that surrounds and influences the operations of an organization.