Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The E.N.D. partnership has the following capital balances as of the end of the current year. Pineda Adams Fergie Gomez Total capital $ 140, eee

image text in transcribed

The E.N.D. partnership has the following capital balances as of the end of the current year. Pineda Adams Fergie Gomez Total capital $ 140, eee 120, see 110, see 100, eee $ 470,000 Answer each of the following independent questions: a. Assume that the partners share profits and losses 3:3:22, respectively. Fergle retires and is paid $140,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? b. Assume that the partners share profits and losses 4:3.2.1, respectively. Pineda retires and is paid $340,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your Intermediate calculations. Round your final answers to the nearest dollar amounts.) Capital Balance a. Pineda Adams Gomez b. Adams S 20.000 43,333 $ Fergie Gomez s 68,667

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

A Compilation Of University Level Assignments Marketing Audit Approach

Authors: Emeka Anyaduba

1st Edition

1475098057, 978-1475098051

More Books

Students also viewed these Accounting questions

Question

Organize and support your main points

Answered: 1 week ago

Question

Move smoothly from point to point

Answered: 1 week ago

Question

Outlining Your Speech?

Answered: 1 week ago