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Farrell and Jimmy Enter into a Partnership Agreement on May

question 58

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Farrell and Jimmy enter into a partnership agreement on May 1,2017.Farrell contributes $50,000 and Jimmy contributes $150,000 as their capital contributions.They decide to share profits and losses in the ratio of their respective capital account balances.The net loss for the year ended December 31,2017 is $40,000.The capital account of Farrell should be ________ with the amount of loss.


Definitions:

mg

Abbreviation for milligram, a unit of mass equal to one thousandth of a gram, often used in medication dosages.

IM

An abbreviation for "intramuscular," referring to a medication delivery method through injection directly into the muscle.

Needle Gauge

A measurement of the diameter of a needle, with higher gauge numbers indicating thinner needles.

Diameter

A straight line passing from side to side through the center of a body or figure, especially a circle or sphere, representing its widest part.

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