Part 1. Goering, Zarcus, and Schmit are partners and share income and loss in a 3:2:5 ratio. The partnership’s capital balances are as follows: Goering, $84,000; Zarcus, $69,000; and Schmit, $147,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus’s retirement. Prepare journal entries to record Zarcus’s February 1 withdrawal from the partnership under each of the following separate assumptions: Zarcus (a) sells her interest to Getz for $80,000 after Goering and Schmit approve the entry of Getz as a partner; (b) gives her interest to a son-in-law, Swanson, and thereafter Goering and Schmit accept Swanson as a partner; (c) is paid $69,000 in partnership cash for her equity; (d) is paid $107,000 in partnership cash for her equity; and (e) is paid $15,000 in partnership cash plus equipment recorded on the partnership books at $35,000 less its accumulated depreciation of $11,600. Part 2. Assume that Zarcus does not retire from the partnership described in Part 1. Instead, Ford is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Ford’s entry into the partnership under each of the following separate assumptions: Ford invests (a) $100,000; (b) $74,000; and (c) $131,000.
France is one of the countries in the European Union situated in north-wester of Europe. Paris is the capital city of France or well known as the City of Light. France c...Dec 30 2019
In many situations, a stated interest rate is often not the effective interest rate. An annual percentage rate (APR) is a stated interest rate. For example, a car loan wi...Dec 03 2019
What did the Force Acts of 1870 and 1871 permit federal authorities to do to restore order in southern states? Use federal courts to try those accused of depriving blacks...Aug 22 2020
Apart from the relationship between structure and strategy, there are certain contingency factors thataffect the effectiveness of a particular structure. The three contin...Jan 05 2018
Show transcribed image textUse the Banker's Rule to solve the following problems. Do not forget to use the day of the year chart to count days notes are made. 1. Find t...Aug 14 2020
A ration coupon limits how much a producer can produce.12. A minimum wage law is an example of a price floor.13. Ration coupons are typically as...Dec 10 2019
Electrical wiring circuits mainly use soft copper wires, and the ends are wired into plug sockets, switches, distribution boards, etc., using brass connectors fitted with...Jun 25 2020
What is an ETF? Give two examples of specific ETF'sAug 27 2020
Which of the following was not given as a reason for income differences in the text?a.luckb.low minimum wagec.wage discriminationd.risk taking22.Which of the following st...Dec 09 2019
The routine executed in response to an interrupt request is called ________routine. (a) Sub-routine (b) Interrupt a...Jan 09 2018
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.