Saly and Jena formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their partnership...
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Saly and Jena formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their partnership agreement calls dividing net income or loss in a fixed ratio of 1: 2, respectively. Rita is to join the partnership, by investing an amount of cash. After Rita's admission, Saly's capital became $290,000. If Rita's capital account was credited for $350,000 when she joined, determine the amount of cash invested by Rita in the firm. (Note: in the answer space, write only the number, with no $ signs or commas. That is, if your answer is $1,000, white it as : 1000). Answer: Saly and Jena formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their partnership agreement calls dividing net income or loss in a fixed ratio of 1: 2, respectively. Rita is to join the partnership, by investing an amount of cash. After Rita's admission, Saly's capital became $290,000. If Rita's capital account was credited for $350,000 when she joined, determine the amount of cash invested by Rita in the firm. (Note: in the answer space, write only the number, with no $ signs or commas. That is, if your answer is $1,000, white it as : 1000). Answer:
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Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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