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Following is the current balance sheet for a local partnership of attorneys:
Cash and current assets $66,000
Land . 396,000
Building and equipment (net) 220,000
Totals $682,000
Liabilities $88,000
L, capital 44,000
M, capital 88,000
N, capital 198,000
O, capital 264,000
Question 1: P contributes $79,200 in cash to the business to receive a 10 percent interest in the partnership. Goodwill is to be recorded. Profits and losses have previously been split according to the following percentages: L, 30 percent; M, 10 percent; N, 40 percent; and O, 20 percent. After P makes this investment, what are the individual capital balances?
tytus co. entered into the following transactions involving short-term liabilities in 2010 and 2011. 2010 apr. 20
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Make some conclusions about the company's performance. Discuss in detail what was done well and what could be improved in 2021.
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