Heather Catte, Joe Collins, and Chris Gilgan have run a successful partnership for a number of years,
Question:
Heather Catte, Joe Collins, and Chris Gilgan have run a successful partnership for a number of years, sharing income 4:2:1, respectively. On September 30, Joe Collins decided to leave the partnership. After the assets of the partnership have been adjusted to current market values, the capital balances of Catte, Collins, and Gilgan are as follows:
Heather Catte, Capital ..........................$32,000
Joe Collins, Capital .............................. 26,000
Chris Gilgan, Capital ............................ 22,000
Provide the journal entry for Collins' departure under the following independent situations:
a. The partnership offers Collins $26,000 upon his retirement.
b. The partnership offers Collins $24,000 upon his retirement.
c. The partnership offers Collins $28,000 upon his retirement.
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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a Joe Collins Capital 26000 Cash 26000 b Joe Collins Capital 2600...View the full answer
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Related Book For 
Accounting Volume 2
ISBN: 978-0176509743
2nd Canadian edition
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
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