Question
Huang - Kung - Lien Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of
Huang - Kung - Lien Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to Huang, 40% to Kung, and 30% to Lien. At December 31, 2024, the firm has the following balance sheet. (Click on the icon to view the balance sheet.) On December 31, Huang withdraws from the partnership. Data table Huang-Kung-Lien Oriental Design - en agree to accept Wan as a partner. (Record debits Balance Sheet December 31, 2024 Assets Liabilities Cash 17,000 Accounts Payable 80,000 Accounts Receivable, Net 10,000 Merchandise Inventory 93,000 Partners' Equity Equipment, Net 90,000 Huang, Capital 37,000 Kung, Capital In settlement of her partnership interest. (Record 49,000 44,000 Lien, Capital Total Partners' Equity 130,000 210,000 $ 210,000 Total Assets Total Liabilities and Partners' Equity Print Done on the last line of the journal entry table. Do not
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