Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5 3 2 ratio On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $360,000 Folgers, $252,000 and Tulip, $180,000 Prepare journal entries to record Tulip's retirement under each of the following separate assumptions (1) Assume Tulip is paid $180,000 for her equity using partnership cash (2) Assume Tulip is paid $200,000 for her equity using partnership cash (Do not round intermediate calculations Round your final answers to the nearest dollar ) (3) Assume Tulip is paid $150,000 for her equity using partnership cash (Do not round intermediate calculations Round your final answers to the nearest dollar )

The Answer is in the image, click to view ...

Question: Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date Tulip retires from

Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $360,000; Folgers, $252,000; and Tulip, $180,000.

Prepare journal entries to record Tulip's retirement under each of the following separate assumptions.

(1)	Assume Tulip is paid $180,000 for her equity using partnership cash.

(2)

Assume Tulip is paid $200,000 for her equity using partnership cash. (Do not round intermediate calculations. Round your final answers to the nearest dollar.)

(3)	Assume Tulip is paid $150,000 for her equity using partnership cash. (Do not round intermediate calculations. Round your final answers to the nearest dollar.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Imagine that Howard has asked you to write some queries to help him make better use of his data. For each information request below, write a single query that provides the answer set. When a task...

Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers, 30%, and Tulip, 20%). On January 31, the date Tulip retires from...

hi please help me with this question. thank you. Chapter 12 Homework i Saved Help Save & Exit Submit Check my work 4 Hunter, Folgers, and Tulip have been partners while sharing net income and loss in...

Help Save & Exit Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 532 ratio in percents. Hunter 50% Folgers. 30%, and Tulip, 20%). On January 31 the date Tulip...

Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:2:3 ratio (in percents: Hunter, 50%; Folgers, 20%; and Tulip, 30%). On January 31, the date Tulip retires from...

Hunter, Folgers, and Tulip have been partners while sharing net Income and loss in a 5:3:2 ratio (In percents: Hunter, 50%; Folgers, 30%; and Tulip, 20\%). On January 31 , the date Tulip retires from...

Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers, 30%; and Tulip, 20%). On January 31, the date Tulip retires from...

Australia's Current Account. Use the following balance of payments data for Australia from the IMF: What is Australia's current account balance for years 2011, 2015, and 2017? The current account...

Problem 2 : Suppose in a country investment ( I ) increases by SR. 50 billion and consumption is given by : C = 20 + 0.75 Y . What is the autonomous consumption ? What is the induced consumption ?...

Martha and Lew are married taxpayers with $ 1 , 0 0 0 of foreign tax withholding from dividends in a mutuat fund. They have enough forelgn lincome from the mutual fund to edsim the fal $ 1 , 0 0 0 as...

Maximize Z: 7x1 +9x2 Subject to: x1+32=0,x2=0 c. Solve the following linear programming problem. Maximize Z=1001+402 Subject to: 401+502=0 d. Solve the following integer programming problem using...

6 How can an organisation increase its flexibility?

1.6 Identify ways that country culture influences global business.

Compare and contrast your experience of being in informal organisations (such as groups of friends) and formal organisations (such as schools and universities). 1 How was authority distributed? 2 How...