Oliver, Peter, and Wendell are partners in NewTech Company an R&D firm specializing in cloud storage. Their

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Oliver, Peter, and Wendell are partners in NewTech Company an R&D firm specializing in cloud storage. Their capital balances are $30,000, $22,000, and $15,000, respectively, on November 23, 2017. They share profit and losses in the ratio of 3:2:1. Peter retires on November 23, 2017, and has agreed to accept $15,000 for his share of the partnership. Record Peter’s retirement and calculate the resulting balances in the capital accounts.

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Fundamental Accounting Principles Volume 2

ISBN: 9781259087363

15th Canadian Edition

Authors: Kermit Larson, Heidi Dieckmann

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