Calculate terms of the original partnership agreement, Accounting Basics

+44 141 628 6080
[email protected]

Calculate terms of the original partnership agreement

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


Pineda	$	230,000
Adams		190,000
Fergie		160,000
Gomez		140,000

Total capital	$	720,000

a.	Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $190,000 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?

	Capital Balance
Pineda	$
Adams	$
Gomez	$

b.	Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $280,000 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?

	Capital Balance
Adams	$
Fergie	$
Gomez	$

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Calculate terms of the original partnership agreement

Reference No:- TGS0554617

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : How can a company use the roi methodology

With the internal rate of return, how can a company use the ROI methodology as a realistic measurement? Please discuss the pros & cons of each measurement statistic.

Q : Product and sales revenues

A dairy allocates the cost of unprocessed milk to the production of milk, cream, butter and cheese. For the current period, unprocessed milk was purchased for $240,000, and the following quantities of product and sales revenues were produced.

Q : Question-megatel company

Katina Washington is currently employed as a computer programmer by Megatel Company. Her dream, however, is to start her own computer software firm. To provide cash tostart her own business in six years she will invest 10,000 today. She thinks the

Q : What is the cost of job

Stone Creek Manufacturing applies overhead to products at a rate of 75% of direct labor cost. Applied manufacturing overhead is $9,000. Job 33 has $5,000 direct labor hours, $3,000 of material.

Q : Calculate terms of the original partnership agreement

Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $280,000 based on the terms of the original partnership agreement.

Q : Indicate the effect on taxable income

In the following independent situations, indicate the effect on taxable income and E & P, stating the amount of any increase (or decrease) that occurs as a result of the transaction.

Q : Percentage-of-completion method of accounting

When using the percentage-of-completion method of accounting for long-term contracts, the percentage of completionused to recognize gross profit in the first year usually isdetermined by measuring:

Q : Effect of changing the compounding period

Summarize the effect of changing the compounding period on the present value of a single sum. Explain why this effect appears reasonable.

Q : Determine the recognized gain

The Taxpayer Relief Act of 1997 eliminated this deferral provision and made it easier for taxpayers who sell a principal residence to exclude the gain resulting from the sale even if they do not purchase a replacement residence.

1928413

Questions
Asked

3,689

Active Tutors

1435241

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Calculate terms of the original partnership agreement

Reference No:- TGS0554617

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : How can a company use the roi methodology

Q : Product and sales revenues

Q : Question-megatel company

Q : What is the cost of job

Q : Calculate terms of the original partnership agreement

Q : Indicate the effect on taxable income

Q : Percentage-of-completion method of accounting

Q : Effect of changing the compounding period

Q : Determine the recognized gain

Discuss patient with athsma about use of bronchodilators

Discuss new forms of advertising changing opdps work

Observing and reporting a correctional clients behavior

Discussion about improve patient satisfaction scores

Problem concerning about the risk for stroke

Patient presented with acute-onset abdominal pain

Discuss - male with a history of moderate persistent asthma

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Calculate terms of the original partnership agreement

Reference No:- TGS0554617

Recent Questions Asked Accounting Basics

Q : How can a company use the roi methodology

Q : Product and sales revenues

Q : Question-megatel company

Q : What is the cost of job

Q : Calculate terms of the original partnership agreement

Q : Indicate the effect on taxable income

Q : Percentage-of-completion method of accounting

Q : Effect of changing the compounding period

Q : Determine the recognized gain

Asked Questions