Capital balances as of the end of the current year

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Reference no: EM13523081

The E.N.D. partnership has the following capital balances as of the end of the current year:

Pineda $ 330,000
Adams 290,000
Fergie 260,000
Gomez 240,000

Total capital $ 1,120,000

a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $296,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners?

b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $350,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.)

Reference no: EM13523081

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