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Jill and Smite have partnership capital account balances of $1,056,000 and $792,000, respectively and share profits and losses equally. Sierra is admitted to the partnership by investing $440,000 for a one-fourth ownership interest. The balance of Smith's Capital account after Sierra is admitted is a. $572,000 O b. $858,000 c. $792,000 O d. $726,000

Jill and Smite have partnership capital account balances of $1,056,000 and $792,000, respectively and share profits and losses equally. Sierra is admitted to the partnership by investing $440,000 for a one-fourth ownership interest. The balance of Smith's Capital account after Sierra is admitted is a. $572,000 O b. $858,000 c. $792,000 O d. $726,000

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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Jill and Smite have partnership capital account balances of $1,056,000 and S792,000, respectively and share profits and losses equally. Sierra is admitted to the partnership by investing $440,000 for a one-fourth ownership interest. The balance of Smith's Capital account after Sierra is admitted is a. $572,000 b. $858,000 O c. $792,000 O d. $726,000
Transcribed Image Text:Jill and Smite have partnership capital account balances of $1,056,000 and S792,000, respectively and share profits and losses equally. Sierra is admitted to the partnership by investing $440,000 for a one-fourth ownership interest. The balance of Smith's Capital account after Sierra is admitted is a. $572,000 b. $858,000 O c. $792,000 O d. $726,000
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