Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

please show me how to get this answer. postive rate ready, thanks a lot The balance sheet of the Troy Partnershsat September 30, 2016, shows

please show me how to get this answer. postive rate ready, thanks a lot image text in transcribed
The balance sheet of the Troy Partnershsat September 30, 2016, shows Various as 1600 000 V100 000 Capital Thomas 100.000 Capital Renee 150.000 Capital Oscar 100.000 Capital Yonne 50.000 TOTAL 600,000 TOTAL 000 The partners share income equally Renee decides to retire as a partner. The remaining partners agree to pay thenee $294.000 from partneho funds, and to the bon mathod The capital accounts of the remaining partners after Renee's retirement are Thomas $200,000, Oscar $100,000, Yvonne 550,000 Thomas $102,000, Oscar $2,000, Yvonne $(48,000).* Thomas 5152,000, Oscar 552,000, Yvonne $2,000, Thomas $153,000, Oscar $53,000, Yvonne $0. Mark 0.00 out of 1,00 The correct answer is: Thomas $152.000, Oscar $52,000, Yvonne $2,000. Renee's capital account was $150,000, and she is paid $294.000. This implies a bonus to Renee of $144,000, which is shared equally by the three semaining partners Try another question like this one

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

12th Canadian Edition

1119497043, 978-1119497042

Students also viewed these Accounting questions