Question
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date Tulip retires from
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $150,000; Folgers, $90,000; and Tulip, $60,000.
Prepare journal entries to record the retirement of Tulip under the following independent assumptions.
Assume Tulip is paid $60,000, $80,000, $30,000 for her equity using partnership cash. (Do not round intermediate calculations.)
I'm completely stump
this one is right
tulip cap 60,000
cash 60,000
I have this all right
tulip cap 60,000
hunter cap ?
folger cap?
cash 80,000
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