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 $ 200,000 Adams 180,000 Fergie 170,000 Gomez 160,000

The E.N.D. partnership has the following capital balances as of the end of the current year:

Pineda $ 200,000
Adams 180,000
Fergie 170,000
Gomez 160,000
Total capital $ 710,000

b.

Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $310,000 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.)

Adams, Fergie & Gomez. Each Capital Balance??

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

Management Systems Audit Risk Mitigation

Authors: Mr Indulis L Svikis

1st Edition

B084DGQJJ5, 979-8607031909

More Books

Students also viewed these Accounting questions

Question

How does traditional analytics make use of location-based data?

Answered: 1 week ago