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Question

Now × D Cengage Lear/X),,: CengageNow ×! MindTap-CemxYe After Discontr x e Hannah Johns × Singer And M x engagenow.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker assignments&takeAssignmentSessionLocator-assignment-take;&inprogress-false; Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $52,100 and $61,000, respectively. Ramsey is admitted to the partnership and is given a 40% interest by investing $29,900. What is Benson's capital balance after admitting Ramsey? Oa-$61,000 b, $41,180 Oc. $27,300 Od. $52,100

Explanation / Answer

Answer: Total capital $               143,000.00 ($52,100+61,000+29,900) Ramsey's share $                  57,200.00 (143,000*40%) Less: Amount brought in by Ramsey $                  29,900.00 $                  27,300.00 Benson's ew capital =$52,100-$27,300*2/5 $                  41,180.00 Answer: b. $41,180

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