Assets Liabilities + Owners' Equity Cash $ 90,000 Liabilities $ 49,000 Noncash Assets 330,000 _________ Owners' Equity

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Assets Liabilities + Owners' Equity

Cash $ 90,000 Liabilities $ 49,000

Noncash Assets 330,000

_________ Owners' Equity

420,000 Richard $ 157,000

Ruth 95,000

Riley 22,000

Robert 97,000

$ 420,000

starting with this balance sheet. Use it to solve this problem.

The general partnership has decided to add a new partner (Rose). Rose is to receive a 1/7 interest in the expanded partnership.

Rose will pay $75,834 to join this partnership.

What is Richard's new balance after it absorbs the gain or loss resulting from Rose joining the partnership?

Related Book For answer-question

Advanced Accounting

ISBN: 978-1118037911

1st Canadian Edition

Authors: Gail Fayerman

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Posted Date: Apr 23, 2024 01:07 AM

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Assets Liabilities + Owners' Equity Cash $ 90,000 Liabilities $ 49,000 Noncash Assets 330,000 _________ Owners' Equity

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Heres how to find Richards new balance after Rose joins the partnership Calculate Total Partnership ... View the full answer

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