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Problem based on the end partnership

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

Pineda                       $120,000

Adams                        100,000

Fergie                          90,000

Gomez                          80,000

Total capital.              $390,000

a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $108,000 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 $300,000 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: EM131739402

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