PHILIP, CALVIN, AND AARON ARE PARTNERS WHO SHARE PROFITS AND LOSSES 50%, 30%, AND 20%,...
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Accounting
PHILIP, CALVIN, AND AARON ARE PARTNERS WHO SHARE PROFITS AND LOSSES 50%, 30%, AND 20%, RESPECTIVELY. THEIR CAPITAL BALANCES ARE $150 000, $90 000, AND $60 000 RESPECTIVELY. INSTRUCTIONS: 1. ASSUME JAMES JOINS THE PARTNERSHIP BY INVESTING $120 000 FOR A 25% INTEREST. WHAT ARE THE CAPITAL BALANCES OF ALL PARTNERS AFTER THE ADMISSION OF JAMES? SHOW ALL SUPPORTING CALCULATIONS. 2. ASSUME INSTEAD THAT AARON LEAVES THE PARTNERSHIP. AARON IS PAID $180 000. WHAT ARE THE CAPITAL BALANCES OF ALL PARTNERS AFTER THE WITHDRAW OF AARON
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