Jaime Keller has a $41,000 capital balance in a partnership. She sells her interest to Sam Parmenter for $45,000 cash. What entry is made by the partnership for this transaction?
Answer to relevant QuestionsAndrea Riley retires from the partnership of Jaggard, Pester, and Riley. She receives $85,000 of partnership assets in settlement of her capital balance of $81,000. Assuming that the income-sharing ratios are 5:3:2, ...PFW Co. reports net income of $45,000. Partner salary allowances are Pitts $15,000, Filbert $5,000, and Witten $5,000. Indicate the division of net income to each partner, assuming the income ratio is 50:30:20, respectively.Frontenac Company reported net income of $75,000. The partnership agreement provides for salaries of $25,000 to Miley and $18,000 to Guthrie. They divide the remainder 40% to Miley and 60% to Guthrie. Miley asks your help to ...For National Co., beginning capital balances on January 1, 2014, are Nancy Payne $20,000 and Ann Dody $18,000. During the year, drawings were Payne $8,000 and Dody $5,000. Net income was $40,000, and the partners share ...Foss, Albertson, and Espinosa are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $100,000, $60,000, and $40,000, respectively.Instructions(a) Assume Garrett joins the ...
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