Lector, Wylo, and Stuart are partners with capital balances of $25,000, $40,000, and $35,000 respectively. They share income and losses equally. Stuart is retiring and has agreed to accept $35,000 cash for his share of the partnership. Record Stuart’s withdrawal on November 23, 2014.
Answer to relevant QuestionsOliver, Peter, and Wendell are partners in NewTech Company. Their capital balances are $30,000, $22,000, and $15,000 respectively on November 23, 2014. They share income and losses in the ratio of 3:2:1. Peter retires on ...On February 1, 2014, Tessa Williams and Audrey To formed a partnership in the province of Ontario. Williams contributed $80,000 cash and to contribute land valued at $120,000 and a small building valued at $180,000. Also, ...Barth, Holt, and Tran have been partners sharing net incomes and losses in a 6:2:2 ratios. On November 30, the date Tran retires from the partnership, the equities of the partners are: Barth, $300,000; Holt, $195,000; and ...Jenkins, Willis, and Trent invested $200,000, $350,000, and $450,000, respectively, in a partnership. During its first year, the firm recorded net income of $600,000.Required Prepare entries to close the firm’s Income ...Bosch and Gilbert are in the process of forming a partnership to which Bosch will devote one-third time and Gilbert will devote full time. They have discussed the following alternative plans for sharing net incomes and ...
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