Solved

Chad Invests $20,000 for a One-Third Interest in a Partnership

Question 39

Multiple Choice

Chad invests $20,000 for a one-third interest in a partnership in which the other partners have capital totaling $52,000 before admitting Chad.After distribution of the bonus,what is Chad's capital?


A) $10,666
B) $17,334
C) $20,000
D) $24,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q34: When a partner withdraws from a partnership

Q35: If liquidation of a partnership results in

Q36: Liabilities related to assets invested in a

Q37: Partners April,Melissa,and Valerie share profits and losses

Q38: When a loss is closed into the

Q40: A partnership agreement most likely will stipulate

Q41: Stuart had a $100,000 capital balance for

Q42: When M purchases N's $10,000 capital interest

Q43: Partner A purchases partner B's $3,000 interest

Q44: Which of the following statements is correct