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Chapter 1: Partnership Formation
- Exam (elaborations) • 49 pages • 2024
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On January 1, 2015, Ernie and Bert both sole proprietors decided to form a 
partnership to expand both of their businesses. According to their agreement, they 
will split profits and losses 75:25 and their initial capital will also reflect that ratio. 
The following are Ernie and Bert’s Statement of Financial Position: 
Ernie Proprietor 
Statement of Financial Position 
December 31, 2014 
ASSETS LIABILITIES AND EQUITY 
Cash 50,000 Accounts payable 
65,000 
Accounts Receivable 100,000 Accrued...