Following is the condensed balance sheet of Martinez, ONeill and Cl.pdf

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Following is the condensed balance sheet of Martinez, O'Neill and Clemens, partners who share profits or losses in the ratio of 2 : 3 : 5. Cash $38,400 Liabilities $160,000 Other assets 601,600 Capital - Martinez 86,400 Capital - O'Neill 140,800 Capital - Clemens 252,800 Total assets $640,000 Total liabilities and capital $640,000 (a) Assume that the partnership's assets and liabilities are fairly valued as shown. The partners wish to admit Jeter as a partner with a 30 percent interest in capital, profi.

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