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, $3,100; Cruz, $1,900; and Perez, $1,300. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $1,300; (2) $1,750; and (3) $750.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “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, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Best Bagels, Inc. (BB) currently has zero debt. Its earnings before interest and taxes (EBIT) are $100,000, and it is a zero growth company. BB's current cost of equity is 13%, and its tax rate is 40%.
Answers (1)
Molly, the store manager of a bakery, never fails to voice her opinions to her employees on various matters of the store. expressive supervisors like molly:
Answers (1)
Which branch of government has exercised the most power regarding race to the top, common core standards, and its assessments? which has exercised the least?
Answers (1)
If there are many firms participating in a market, the market is either a. an oligopoly or monopolistically competitive. b. perfectly competitive or monopolistically competitive. c. an oligopoly or perfectly competitive. d. an oligopoly or a cartel.
Answers (1)
After the end of the second year and all other factors remaining equal, a future value based on compound interest will never exceed the future value based on simple interest. True False
Answers (1)
New Questions in Business
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,000 will be accepted.
Answers (1)
Zappos, the online shoe and clothing marketer, promises free shipping and free returns on any of its products, no questions asked. This is an example of how Zappos has a strong competitive advantage through
Answers (1)
Based on the corporate valuation model, the total corporate value of chen lin inc. is $900 million. its balance sheet shows $110 million in notes payable, $90 million in long-term debt, $20 million in preferred stock, $140 million in retained
Answers (1)
Larry's lizards and ronaldo's reptiles are competing pet store franchises. both are considering opening a store in the small town of turtleville.
Answers (1)
How does the government of a republic typically shape its economy? A. The government allows citizens to own private businesses. B. The government blocks the ownership of personal property. C. The government owns all homes and other forms of housing.
Answers (1)