Examlex

Solved

The ABCD Partnership Has the Following Balance Sheet at January

question 4

Essay

The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Eden. The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Eden.   Eden acquired a 20% interest in the partnership by contributing a total of $71,500 directly to the other four partners. No goodwill is to be recorded. Profits and losses have previously been split according to the following percentages: Adams, 15%, Barnes, 35%, Cordas, 30%, and Davis, 20%. After Eden made his investment, what were the individual capital balances? Eden acquired a 20% interest in the partnership by contributing a total of $71,500 directly to the other four partners. No goodwill is to be recorded. Profits and losses have previously been split according to the following percentages: Adams, 15%, Barnes, 35%, Cordas, 30%, and Davis, 20%. After Eden made his investment, what were the individual capital balances?


Definitions:

Newborn

An infant who is within hours, days, or up to a few weeks old.

Pulse Pressure

The difference between systolic and diastolic blood pressures, indicating the force that the heart generates each time it contracts.

Cardiac Catheterization

A medical procedure used to diagnose and treat certain cardiovascular conditions by inserting a catheter into the heart through blood vessels.

Femoral Artery

A major blood vessel that supplies blood to the lower part of the body.

Related Questions