Capital balances and profit-sharing percentages for the partnership of Man, Eme, and Fot on January 1, 2011, are as follows:
Man (36%) | $140,000 |
Eme (24%) | 100,000 |
Fot (40%) | 160,000 |
| $400,000 |
On January 3, 2011, the partners agree to admit Box into the partnership for a 25 percent interest in capital and earnings for his investment in the partnership of $120,000. Partnership assets are not to be revalued.
REQUIRED
1. Determine the capital balances of the four partners immediately after the admission of Box.
2. What is the profit- and loss-sharing ratio for Man, Eme, Fot, and Box?
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