Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of

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Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows:

Floyd $50,000

Merriam 20,000

They agreed to admit Ramelow into the business for a one-third interest in the new partnership. He had to bring in a cash contribution of $20,000 for the same. What is the capital account balance of Ramelow after he enters the business?

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Survey of Accounting

ISBN: 978-0078110856

3rd Edition

Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor-Yi

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Posted Date: Mar 17, 2020 03:48 AM

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Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of

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