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can you please explain how we got the answers for Jan 5, 2021 and Dec 31, 2021 and Jan 4, 2022? On March 2, 2020,
can you please explain how we got the answers for Jan 5, 2021 and Dec 31, 2021 and Jan 4, 2022?
On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentn start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on heal th and fitness. They sign a partnership agr eement to split profits in a 3:2:3 ratio for Zoe, Kar en, and Veronica, respectively. The following are the transactions for BLOSSOM Personal Coaching: 2020 Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: They also agr ee that the partnership will assume responsibility for Karen's note payable of $4,600. Dec. Zoe, Karen, and Veronica each withdraw $29,800 cash as a "year-end bonus." No other withdrawals were made during 20 the year. 31 Total profit for 2020 was $109,000 2021 Jan. Zoe and Veronica approve Karen's request to withdr aw from the partnership for personal reasons. They agree to pay 5 Karen $14,750 cash from the parthership. 6 Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively. Dec. Zoe and Veronica withdr aw $42,500 and $46,000 cash, respectively, from the partnership. 31 Total profit for 2021 was $123,750. 2022 Jan, 4 Zoe and Veronica agree to admit Dela Hirjikaka to the partnership. Del a will focus on providing training in organizational skills to clients. Dela invests $31,000 cash for 25% ownership of the partnershipStep by Step Solution
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