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How much cash is to be invested by Bray

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Question - On April 30, 2021, Ashley admits Bray for an interest in his business. On this date, Ashley's capital account shows a balance of $158,400. The following were agreed upon before the formation of the partnership:

Prepaid expenses of $17,500 and accrued expenses of $5,000 are to be recognized

5% of the outstanding accounts receivable of Ashley amounting to $100,000 is to be recognized as uncollectible

Bray is to be credited with a 1/3 interest in the partnership and is to invest cash. How much cash is to be invested by Bray?

a. $55,300

b. $82,950

c. $32,950

d. $35,000

Reference no: EM133031059

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