Avery and Bert Are Partners Who Share Profits in a Ratio

question 27

Multiple Choice

Avery and Bert are partners who share profits in a ratio of 2:1 and have capital balances of $75,000 and $150,000,respectively.The partners agree to admit Carmen to the partnership.Carmen invests $75,000 for a 35 percent interest in the partnership.The new total capital balance after admitting Carmen is $300,000.The entry to record the admission of Carmen to the partnership is:

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Definitions:

Gramm-Leach-Bliley Act

A U.S. federal law that requires financial institutions to explain how they share and protect their customers' private information, aiming to safeguard consumer financial privacy.

Privacy Protections

Regulations and practices designed to safeguard individuals' personal information from unauthorized access and misuse.

Multiple Forgeries

The act of committing forgery across numerous instances or on several objects, intensifying the severity of the fraud.

Uniform Commercial Code

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing commercial transactions in the United States, aiming to standardize laws across states.