Following are the capital account balances for the William, Jennings, and Bryan partnership William (45 of gains and losses) $ 180,000 Jennings (45 ) 130,000 Bryan (10 ) 110,000 Darrow invests $250,000 in cash for a 30 percent ownership interest The money goes to the business No goodwill or other revaluation is to be recorded After the transaction, what is Jenningss capital balance At year end, the Circle City partnership has the following capital balances Manning, Capital $ 270,000 Gonzalez, Capital 250,000 Clark, Capital 220,000 Freeney, Capital 210,000 Profits and losses are split on a 3 3 2 2 basis, respectively Clark decides to leave the partnership and is paid $242,000 from the business based on the original contractual agreement The payment made to Clark beyond his capital account was for Clark's share of previously unrecognized goodwill After recognizing partnership goodwill, what is Mannings capital balance after Clark withdraws

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Posted on Sep 23, 2024

Following are the capital account balances for the William, Jennings, and Bryan partnership: William (45% of gains and losses) $ 180,000 Jennings (45%) 130,000 Bryan

Following are the capital account balances for the William, Jennings, and Bryan partnership: William (45% of gains and losses) $ 180,000 Jennings (45%) 130,000 Bryan (10%) 110,000 Darrow invests $250,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill or other revaluation is to be recorded. After the transaction, what is Jenningss capital balance?

At year-end, the Circle City partnership has the following capital balances:


Manning, Capital	$	270,000
Gonzalez, Capital		250,000
Clark, Capital		220,000
Freeney, Capital		210,000

Profits and losses are split on a 3:3:2:2 basis, respectively. Clark decides to leave the partnership and is paid $242,000 from the business based on the original contractual agreement.

The payment made to Clark beyond his capital account was for Clark's share of previously unrecognized goodwill. After recognizing partnership goodwill, what is Mannings capital balance after Clark withdraws?