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3. Nicki, Tryon, and Zendaya are allies who share profits in a 2:2:1 ratio. Then Agnez was accepted as a new ally and given her a 1/4 share in the profit, while the rest was divided among Nicki, Tryon, and Zendaya in the original profit-loss ratio. What are the new profit and loss ratios for "Nicki, Tryon, and Zendaya firms"?

3. Nicki, Tryon, and Zendaya are allies who share profits in a 2:2:1 ratio. Then Agnez was accepted as a new ally and given her a 1/4 share in the profit, while the rest was divided among Nicki, Tryon, and Zendaya in the original profit-loss ratio. What are the new profit and loss ratios for "Nicki, Tryon, and Zendaya firms"?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. Nicki, Tryon, and Zendaya are allies who share profits in a 2:2:1 ratio. Then Agnez was accepted as a new ally and given her a 1/4 share in the profit, while the rest was divided among Nicki, Tryon, and Zendaya in the original profit-loss ratio. What are the new profit and loss ratios for "Nicki, Tryon, and Zendaya firms"? 4. The capital balance for Aceyt and Chroe is $80,000 each; they share profits in equal ratios. Ghandy was then signed in as a new partner for a 1/3 interest in net assets and in net income with a cash investment of $55,000. Record Ghandy's admissions using the three alternative procedures and indicate what conditions would support each alternative.
Transcribed Image Text:3. Nicki, Tryon, and Zendaya are allies who share profits in a 2:2:1 ratio. Then Agnez was accepted as a new ally and given her a 1/4 share in the profit, while the rest was divided among Nicki, Tryon, and Zendaya in the original profit-loss ratio. What are the new profit and loss ratios for "Nicki, Tryon, and Zendaya firms"? 4. The capital balance for Aceyt and Chroe is $80,000 each; they share profits in equal ratios. Ghandy was then signed in as a new partner for a 1/3 interest in net assets and in net income with a cash investment of $55,000. Record Ghandy's admissions using the three alternative procedures and indicate what conditions would support each alternative.
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