Question: ILambert invests $ 2 0 , 0 0 0 for a 1 / 3 interest in a partnership in which the other partners have capital

ILambert invests $20,000 for a 1/3 interest in a partnership in which the other partners have capital totaling $34,000 before admitting Lambert. What is Lamberts capital after admission?
Group of answer choices
$11,333
$6,667
$20,000
$18,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!