Question: Oliver Peter and Wendell are partners in NewTech Company Their
Oliver, 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 November 23, 2014, and has agreed to accept $15,000 for his share of the partnership. Record Peter’s retirement and calculate the resulting balances in the capital accounts.
Relevant QuestionsLinda, Sue, and Darlene are partners in Designs Unlimited. Their capital balances are $150,000, $140,000 and $250,000 respectively on March 15, 2014. They share income and losses in the ratio of 2:2:2. Darlene retires on ...Jensen and Stafford began a partnership by investing $160,000 and $200,000, respectively. They agreed to share net incomes and losses by allowing yearly salary allowances of $150,000 to Jensen and $75,000 to Stafford, 20% ...Barb Rusnak, Len Peters, and Doug Morris are partners in RPM Dance Studios. They share net incomes and losses in a 40:40:20 ratios. Doug retires from the partnership on October 14, 2014, and receives $80,000 cash plus a car ...Phillis and Case are in the process of forming a partnership to which Phillis will devote one-third time and Case will devote full time. They have discussed the following alternative plans for sharing net incomes and ...Jobs, Alford, and Norris formed the JAN Partnership by making capital contributions of $150,000, $100,000, and $250,000, respectively on January 7, 2014. They anticipate annual net incomes of $240,000 and are considering the ...
Post your question