Jones and Smith formed a partnership with each partner contributing the following items:
Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership.
-Refer to the above information.What is the balance in each partner's capital account for financial accounting purposes? 
Definitions:
Economics
The social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants.
Federal Government
The national government of a federated state, which holds the authority to govern at a level above individual states or provinces.
Opportunity Cost
The expense associated with missing out on the second-best choice while deciding among multiple possibilities.
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