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Problem 1: The variable capital balances method (method 1), requires the profit or loss and partner's drawings to be closed off to each partner's:
Select one:
a. cash account.
b. retained earnings accounts.
c. profit or loss summary account.
d. capital account.
Problem 2: Cameron and Andrew each invested $45 000 in a partnership where they agreed to share profits as Cameron: 30%; Andrew 70% . The partnership business was unsuccessful and now has zero assets. In addition, they are being sued for $100 000 by a supplier for non-payment of invoices. What is the amount for which Andrew could be held personally responsible if the lawsuit is successful? (Ignore any possible legal costs.)
a. $70 000
b. $45 000
c. Zero
d. $100 000
discuss the objectives for week three. your discussion should include the topics you feel comfortable with any topics
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