Meir zarcus and ross are partners and share income and loss

Assignment Help Accounting Basics

Reference no: EM13602996

Meir, Zarcus, and Ross are partners and share income and loss in a 1:4:5 ratio. The partnership's capital balances are as follows: Meir, $43,000; Zarcus, $179,000; and Ross, $228,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement.

Requirement 1:

Prepare journal entries to record Zarcus's February 1 withdrawal from the partnership under each of the following separate assAumptions (Round your answers to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your response.):

(a) Zarcus sells her interest to Garcia for $160,000 after Meir and Ross approve the entry of Garcia as a partner

(b) Zarcus gives her interest to a son-in-law, Fields, and thereafter Meir and Ross accept Fields as a partner

Reference no: EM13602996

Questions Cloud

Calculate the work done by on the particle as it moves : force acting on a particle moving in the xy plane is given by 2yi x2 j where is in newtons and x and y are in

Carly riccardi and her mother nancy own and operate : carly riccardi and her mother nancy own and operate freezetime inc. a company specializing in freeze-drying flowers

Maserati corporation purchased a new machine for its : maserati corporation purchased a new machine for its assembly process on august 1 2010. the cost of this machine was

The rope and pulley have negligible mass and the pulley is : the rope and pulley have negligible mass and the pulley is frictionless. the coefficient of kinetic friction between

Meir zarcus and ross are partners and share income and loss : meir zarcus and ross are partners and share income and loss in a 145 ratio. the partnerships capital balances are as

The load to be applied to the chain is 9000 lbs plot the : suppose because of random variations introduced during fabrication the links of a chain have a random strength whereby

Time inc obtains 100 percent of second companys common : time inc. obtains 100 percent of second companys common stock on january 1 2010 by issuing 9000 shares of 10 par value

A 141-g bullet is accelerated from rest to a speed of 793 : a 14.1-g bullet is accelerated from rest to a speed of 793 ms in a rifle barrel of length 66.9 cm.a find the kinetic

Based on the background information describe briefly how : 1. based on the background information describe briefly how samples of students are obtained from each university.

User Account

All Pages