The O'Keefe, Pines, and Lowery partnership balance sheet reports capital of $65,000 for O'Keefe, $105,000 for Pines,

Question:

The O'Keefe, Pines, and Lowery reports capital of $65,000 for O'Keefe, $105,000 for Pines, and $20,000 for Lowery. O'Keefe is withdrawing from the firm. The partners have shared profits and losses in the ratio of 1/4 to O'Keefe, 1/4 to Pines, and 1/4 to Lowery. The agreement states that a withdrawing partner will receive cash equal to the book value of his or her partners' equity. Journalize the withdrawal of O'Keefe.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...