b) Jim and Mary are partners who share profits 60% and 40%. Their capital balances were both
Question:
b) Jim and Mary are partners who share profits 60% and 40%. Their capital balances were both $60,000 before Betty was admitted to the partnership. Betty contributed $100,000 in cash to the partnership for a 30% interest. After Betty is admitted to the partnership,
Jim will have a capital balance of $__80,400__.
c) Jerry and Sundar are partners who share profits 40% and 60%. Before Bill was admitted to the partnership, Jerry's and Sundar's capital balances were $85,000 and $60,000, respectively. Bill contributed $95,000 in cash to the partnership for a one-half interest. After Bill is admitted to the partnership, Sundar will have a capital balance of $__45,000__.
d) Rick, Sam, and Yeshiv are partners who share profits 50%, 25%, and 25%. Their capital balances were $78,000, $52,000, and $30,000, respectively, before Yeshiv's retirement. Rick and Sam each paid Yeshiv $20,000 from their personal assets to buy half his interest. After Yeshiv has withdrawn, Rick will have a capital balance of $__93,000__.
e) Matt, Nick, and Scott are partners who share profits 30%, 30%, and 40%. Their capital balances were $105,000, $70,000, and $35,000, respectively, before Scott's retirement. Scott was paid $55,000 from partnership assets to buy his interest. After Scott has withdrawn,
Matt will have a capital balance of $__95,000__.
f) Gina, Jane, and Ping are partners who share profits 40%, 20%, and 40%. Their capital balances were $35,000, $15,000, and $10,000, respectively, before Ping’s retirement. Ping was paid $7,000 from partnership assets to buy her interest. After Ping has withdrawn,
Gina will have a capital balance of $__37,000__.