Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2...
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers, 30%; and Tulip, 20%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $310,000; Folgers, $217,000; and Tulip, $155,000.
Prepare journal entries to record the retirement of Tulip under independent assumption.
Assume Tulip is paid $155,000, $175,000, $125,000 for her equity using partnership cash. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.)
| No | Transaction | General Journal | Debit | Credit |
|---|---|---|---|---|
| 1 | (a) | Tulip, Capital | 155,000 | |
| Cash | 155,000 | |||
| 2 | (b) | Tulip, Capital | ||
| Hunter, Capital | ||||
| Folgers, Capital | ||||
| 3 | (c) | Tulip, Capital | ||
| Hunter, Capital | ||||
| Folgers, Capital | ||||
| Cash |
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Hunter, Folgers, and Tulip have been partners while sharing net
income and loss in a 5:3:2...
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2...
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $310,000; Folgers, $217,000; and Tulip, $155,000. Prepare journal entries to record the retirement of Tulip under the following independent assumptions. Assume Tulip is paid $155,000, $175,000, $125,000 for her equity using partnership cash.
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:4:1...
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:4:1 ratio (in percents: Hunter, 50%, Folgers, 40%; and Tulip, 10%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $340,000; Folgers, $238,000; and Tulip. $170,000. Prepare journal entries to record the retirement of Tulip under independent assumption Assume Tulip is paid $170,000, $190,000, $140,000 for her equity using partnership cash. (Do not round intermediate calculations. Round...
Exercise 12-12 Retirement of partner LO P4 Hunter, Folgers, and Tulip have been partners while sharing...
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Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in...
Meir, Benson, and Lau are partners and share income and loss in
a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%).
The partnership's capital balances are as follows: Meir, $33,000;
Benson, $139,000; and Lau, $178,000. Benson decides to withdraw
from the partnership.
1. Prepare the journal entry to record Benson's
withdrawal under each independent assumptions. (Do not
round intermediate calculations.)
(a) Benson sells her interest to North for $160,000 after
North is approved as a partner; (b)...
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Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:4:1 ratio (in percents: Hunter, 50%, Folgers, 40%; and Tulip, 10%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $340,000; Folgers, $238,000; and Tulip. $170,000. Prepare journal entries to record the retirement of Tulip under independent assumption Assume Tulip is paid $170,000, $190,000, $140,000 for her equity using partnership cash. (Do not round intermediate calculations. Round...
Exercise 12-12 Retirement of partner LO P4 Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers, 30%; and Tulip, 20%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $150,000; Folgers, $90,000; and Tulip, $60,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $60,000, $80,000, $30,000 for her equity using partnership...
Meir, Benson, and Lau are partners and share income and loss in
a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%).
The partnership's capital balances are as follows: Meir, $33,000;
Benson, $139,000; and Lau, $178,000. Benson decides to withdraw
from the partnership.
1. Prepare the journal entry to record Benson's
withdrawal under each independent assumptions. (Do not
round intermediate calculations.)
(a) Benson sells her interest to North for $160,000 after
North is approved as a partner; (b)...
QS 12-8 Partner withdrawal LO P4 Lopez, Cruz, and Perez are partners and share net income and loss in a 7:3:1 ratio (in ratio form: Lopez, 7/11; Cruz, 3/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $4,800; Cruz, $3,600; and Perez, $3,000. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $3,000; (2) $4,300; and...
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $7,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 66,000 250,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 48,000 150,000 118,000 $ 316,000 Total assets $ 316,000 Part A: Prepare...
Problem 10-21 (LO 10-2, 10-4) Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 48,000 135,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 30,000 94,500 52,500 $ 183,000 Total assets...
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