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Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 402 Weeks Ago, 2 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
1. Block, Gaines and Utley share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows: ?Block, Capital?$150,000 ?Gaines, Capital? 90,000 ?Utley, Capital? 60,000 INSTRUCTIONS (15 POINTS) Prepare the journal entry on the books of the partnership to record the withdrawal of Utley under the following independent circumstances: 1. The partners agree that Utley should be paid $70,000 by the partnership for his interest. 2. The partners agree that Utley should be paid $45,000 by the partnership for his interest. 3. Block agrees to pay Utley A$40,000 for one-half of his capital interest and Gains agrees to pay Utley $40,000 for one-half of his capital interest in a personal transaction among the partners.
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