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Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
Edition 12ISBN: 978-0077862220Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
Edition 12ISBN: 978-0077862220 Exercise 43
The E.N.D. partnership has the following capital balances as of the end of the current year:
Answer each of the following independent questions:
a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $190,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners
b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and: is paid $280,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners
Answer each of the following independent questions:
a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $190,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners
b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and: is paid $280,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners
Explanation
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Investment of partner's capital: When ne...
Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
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