Jill Parsons purchases for $72,000 Jamar's interest in the Tholen-Jamar partnership. Assuming that Jamar has a $68,000 capital balance in the partnership, what journal entry is made by the partnership to record this transaction?
Answer to relevant QuestionsJaime 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?Rod Dall Co. reports net income of $75,000. The income ratios are Rod 60% and Dall 40%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income.Data pertaining to Pelmar Co. are presented in BE12-9. Instead of payment from personal assets, assume that Fernetti receives $24,000 from partnership assets in with-drawing from the firm. Journalize the withdrawal of ...Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2014, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made drawings of ...B. Higgins, J. Mayo, and N. Rice have capital balances of $95,000, $75,000, and $60,000, respectively. They share income or loss on a 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions.1. ...
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