Question
Nunes, Orta and Paulo are partners providing engineering services. Relevant data regarding income-sharing relationships and capital balances are as follows: Partner Capital Balance Income Share
Nunes, Orta and Paulo are partners providing engineering services. Relevant data regarding income-sharing relationships and capital balances are as follows:
| Partner | Capital Balance | Income Share |
| Nunes | $ 250,000 | 20% |
| Orta | 180,000 | 30% |
| Paulo | 150,000 | 50% |
| Totals | $ 580,000 | 100% |
Nunes retires and receives $300,000 in cash from the partnership. Partnership identifiable net assets are recorded at amounts approximating fair value. If the partial goodwill approach is used, Orta's capital balance after Nunes' retirement is:
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The Design Implementation And Audit Of Occupational Health And Safety Management Systems
Authors: Ron C. McKinnon
1st Edition
1032571039, 978-1032571034
