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On January 1, 2020, Rnben Ho and Clay Runnerup formed the Ruben and Clay Partnership...

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Accounting

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On January 1, 2020, Rnben Ho and Clay Runnerup formed the Ruben and Clay Partnership by investing the following assets and liabilities in the business: An independent appraiser was hired to determine the current market values. Ruben and Clay agree to share profits and losses in a 40.60 ratio respectively. During the first year of operations, the business earned a net income of $47,000. Each partner withdrew $20,000cash. On January 1, 2020, Rnben Ho and Clay Runnerup formed the Ruben and Clay Partnership by investing the following assets and liabilities in the business: An independent appraiser was hired to determine the current market values. Ruben and Clay agree to share profits and losses in a 40.60 ratio respectively. During the first year of operations, the business earned a net income of $47,000. Each partner withdrew $20,000cash

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