Floyd and Merriam Start a Partnership Business on June 12,2019 $$\begin{array} { | l | r | } \hline \text { Floyd } & \$ 50,000 \\\hline \text { Merriam } & 23,000 \\\hline\end{array}$$

question 170

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: $$\begin{array} { | l | r | } \hline \text { Floyd } & \$ 50,000 \\\hline \text { Merriam } & 23,000 \\\hline\end{array}$$ They agreed to admit Ramelow into the business for a one-fifth interest in the new partnership.Ramelow contributes $27,000 cash in exchange for the partnership interest.Assume that Floyd and Merriam shared profits and losses in a 3:1 ratio before the admission of Ramelow.Which of the following is the correct journal entry to record the above admission?

• A) \[\begin{array} { | c | c | c | }
• \hline \text { Cash } & 27,000 & \\
• \hline \text { Ramelow, Capital } & & 27,000 \\
• \hline
• \end{array}\]
• B) \(\begin{array}{|l|r|r|}
• \hline\text { Cash } & 27,000 & \\
• \hline \text { Merriam, Capital } & & 7000 \\
• \hline \text { Floyd, Capital } & & 20,000 \\
• \hline
• \end{array}\)
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Merriam, Capital } & 20,000 & \\
• \hline \text { Floyd, Capital } & 7000 & \\
• \hline \text { Ramelow, Capital } & & 27,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 27,000 & \\
• \hline \text { Floyd, Capital } & & 5250 \\
• \hline \text { Merriam, Capital } & & 1750 \\
• \hline \text { Ramelow, Capital } & & 20,000 \\
• \hline
• \end{array}\]

Recognize the importance and techniques of active listening and constructive feedback in effective team membership and negotiation.

Understand the strategies for avoiding negotiation pitfalls.

Explain the process and importance of mediation in negotiations.

Understand the concept of the "fixed pie" myth and its impact on negotiation outcomes.

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