loyd and Merriam start a partnership business on June 12, 2025. Their capital account balances as of December 31, 2026 stood as follows: Floyd Merriam They agreed to admit Ramelow into the business for a one third intere
loyd and Merriam start a partnership business on June 12, 2025. Their capital account balances as of December 31, 2026 stood as follows: Floyd Merriam They agreed to admit Ramelow into the business for a one third intere
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please dont provide answer in image format thank you
Floyd and Merriam start a
A.
| Cash | 16,000 | |
| Merriam, Capital | 4,500 | |
| Floyd, Capital | 4,500 | |
| Ramelow, Capital | 25,000 |
B.
| Cash | 16,000 | |
| Floyd, Capital | 4,500 | |
| Merriam, Capital | 4,500 | |
| Ramelow, Capital | 7,000 |
C.
| Merriam, Capital | 12,500 | |
| Floyd, Capital | 12,500 | |
| Ramelow, Capital | 25,000 |
D.
| Cash | 16,000 | |
| Ramelow, Capital | 16,000 |
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