Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Jul 2017 My Price 3.00

Block, Gaines

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.

Answers

(5)
Status NEW Posted 26 Jul 2017 03:07 PM My Price 3.00

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