Questions - a. $23,100 b. $25,000 c. $24,250 d. $23,850 2....

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1. As part of the initial investment, Omar contributes accounts receivable that had a  balance of $25,000 in the accounts of a sole proprietorship. Of this amount $1,150 is  completely worthless. For the remaining acounts, the partnership will establish a  provision for possible future uncollectible accounts of $750. The amount debited to  Accounts Receivable for the new partnership is
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Unformatted text preview: a. $23,100 b. $25,000 c. $24,250 d. $23,850 2. Compton and Danson form a partnership in which Compton contributes $50,000 in assets and agrees to devote half time to the partnership. Danson contributed $40,000 in assets and agrees to devote full time to the partnership. How will Compton and Danson share in the division of income? a. 5:8 b. 1:2 c. 1:1 d. 5:4...
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This note was uploaded on 02/07/2011 for the course ACCT 132 taught by Professor Resel during the Spring '11 term at WITCC.

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