Question
The capital balances of Slick, Partnership were as follows: Senior Slick, Cap$50,000 Middle Slick, Cap35,000 Junior Slick, Cap15,000 Junior Slick was such a pain to
The capital balances of Slick, Partnership were as follows:
Senior Slick, Cap$50,000
Middle Slick, Cap35,000
Junior Slick, Cap15,000
Junior Slick was such a pain to the other two older partners that they decided to remove him from the partnership.He was given $13,000 in cash and a company car.The vehicle had a fair market value of $5,000; a book value on the partnership books of $3,000; and a tax value of zero.
Please make the appropriate entry.
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College Accounting A Practical Approach
Authors: Jeffrey Slater
12th edition
978-0132772068, 133468100, 013277206X, 9780133468106, 978-0133133233
