Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 7.00

partnership of Eddy

Items 1 and 2 are based on the following:

On June 30, 2006, the condensed balance sheet for the partnership of Eddy, Fox, and Grimm, together with their respective profit and loss sharing percentages were as follows:

align="left">

Assets, net of liabilities

$320,000

Eddy, capital (50%)

$160,000

Fox, capital (30%)

96,000

Grimm, capital (20%)

64,000
 

$320,000

Eddy decided to retire from the partnership and by mutual agreement is to be paid $180,000 out of partnership funds for his interest. Total goodwill implicit in the agreement is to be recorded. After Eddy’s retirement, what are the capital balances of the other partners?

align="left">

 

Fox

Grimm

a.

$ 84,000

$56,000

b.

$102,000

$68,000

c.

$108,000

$72,000

d.

$120,000

$80,000

Assume instead that Eddy remains in the partnership and that Hamm is admitted as a new partner with a 25% interest in the capital of the new partnership for a cash payment of $140,000. Total goodwill implicit in the transaction is to be recorded. Immediately after admission of Hamm, Eddy’s capital account balance should be

  1. $280,000
  2. $210,000
  3. $160,000
  4. $140,000

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 08:07 PM My Price 7.00

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