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In their business partnership, George has an ownership interest of 59% and Ben has an ownership interest of 41% In the current year, they purchase equipment for $9.100 Inc to finance the equipment purchase, George makes a cash contribution of $6.600 and Ben makes a cash contribution of $2,500 to the partnership Based on the information prow which of the following is TRUE regarding the partnership balance sheet? CELLE OA. George, Capital will increase by $9,100 and Ben, Capital will remain unchanged. OB. Both George, Capital and Ben, Capital will increase by $9,100. OC. George, Capital will increase by $6,600 and Ben, Capital will increase by $2,500 OD. George, Capital will increase by $5,369 and Ben, Capital will increase by $3,731

In their business partnership, George has an ownership interest of 59% and Ben has an ownership interest of 41% In the current year, they purchase equipment for $9.100 Inc to finance the equipment purchase, George makes a cash contribution of $6.600 and Ben makes a cash contribution of $2,500 to the partnership Based on the information prow which of the following is TRUE regarding the partnership balance sheet? CELLE OA. George, Capital will increase by $9,100 and Ben, Capital will remain unchanged. OB. Both George, Capital and Ben, Capital will increase by $9,100. OC. George, Capital will increase by $6,600 and Ben, Capital will increase by $2,500 OD. George, Capital will increase by $5,369 and Ben, Capital will increase by $3,731

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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In their business partnership, George has an ownership interest of 59% and Ben has an ownership interest of 41% In the current year, they purchase equipment for $9.100. In order to finance the equipment purchase, George makes a cash contribution of $6.600 and Ben makes a cash contribution of $2,500 to the partnership Based on the information provided which of the following is TRUE regarding the partnership balance sheet? OA. George, Capital will increase by $9,100 and Ben, Capital will remain unchanged. OB. Both George, Capital and Ben, Capital will increase by $9,100. OC. George, Capital will increase by $6,600 and Ben, Capital will increase by $2,500 OD. George, Capital will increase by $5,369 and Ben, Capital will increase by $3,731
Transcribed Image Text:In their business partnership, George has an ownership interest of 59% and Ben has an ownership interest of 41% In the current year, they purchase equipment for $9.100. In order to finance the equipment purchase, George makes a cash contribution of $6.600 and Ben makes a cash contribution of $2,500 to the partnership Based on the information provided which of the following is TRUE regarding the partnership balance sheet? OA. George, Capital will increase by $9,100 and Ben, Capital will remain unchanged. OB. Both George, Capital and Ben, Capital will increase by $9,100. OC. George, Capital will increase by $6,600 and Ben, Capital will increase by $2,500 OD. George, Capital will increase by $5,369 and Ben, Capital will increase by $3,731
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