The end partnership has the following capital balances as, Ask an Expert

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

Pineda $280,000

Adams 240,000

Fergie 210,000

Gomez 190,000

Total capital $920,000

a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid$262,000 based on the terms of the original partnership agreement.

If good will method is used, what is the capital balance of the remaining three patners?

Capital Balance

Pineda

Adams

Gomez

b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pnda retires and is paid $305,000 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 intrmediate calculations. Round your final answers to the nearest dollar amounts).

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91969400

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