Teri, Doug, and Brian are partners with capital balances of $30,100, $21,700, and $51,000, respectively. They...

 

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Teri, Doug, and Brian are partners with capital balances of $30,100, $21,700, and $51,000, respectively. They share income and losses in the ratio of 3:2:1. Revenue accounts for the period total $291,300. Expense accounts for the period total $324,000. The revenue and expense accounts are closed to the capital accounts. Doug withdraws from the partnership. How much cash does he receive upon withdrawal? Emmett and Sierra formed a partnership dividing income as follows: 1. Annual salary allowance to Emmett of $44,900 2. Interest of 8% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emmett and Sierra had $30,000 and $123,900, respectively in their January 1 capital balances. Net income for the year was $227,700. How much net income should be distributed to Emmett? Teri, Doug, and Brian are partners with capital balances of $30,100, $21,700, and $51,000, respectively. They share income and losses in the ratio of 3:2:1. Revenue accounts for the period total $291,300. Expense accounts for the period total $324,000. The revenue and expense accounts are closed to the capital accounts. Doug withdraws from the partnership. How much cash does he receive upon withdrawal? Emmett and Sierra formed a partnership dividing income as follows: 1. Annual salary allowance to Emmett of $44,900 2. Interest of 8% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emmett and Sierra had $30,000 and $123,900, respectively in their January 1 capital balances. Net income for the year was $227,700. How much net income should be distributed to Emmett?

Answer rating: 100% (QA)

To calculate Dougs cash withdrawal upon withdrawal from the partnership we need to determine his share of the partnerships capital and calculate the difference between his capital balance and the rema... View the full answer