Reference no: EM131265780
Peter, Roberta, and Dana have the following capital balances; $80,000, $100,000 and $60,000, respectively. The partners share profits and losses 20%, 40%, and 40% respectively.
Required (show all your calculations):
1. Roberta retires and is paid $160,000 based on an independent appraisal of the business. If the goodwill method is used (assume all capital accounts are revalued), what is the capital balance of Peter?
2. Roberta retires and is paid $160,000 based on an independent appraisal of the business. If the goodwill method is used (assume all capital accounts are revalued), what is the capital balance of Dana?
3. What is the total partnership capital after Roberta retires receiving $160,000 and using the goodwill method (assume all capital accounts are revalued)?
4. Roberta retires and is paid $160,000 based on an independent appraisal of the business. If the bonus method is used, what is the capital balance of Peter?
5. Roberta retires and is paid $160,000 based on an independent appraisal of the business. If the bonus method is used, what is the capital balance of Dana?
6. What is the total partnership capital after Roberta retires receiving $160,000 and using the bonus method?
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: Peter, Roberta, and Dana have the following capital balances; $80,000, $100,000 and $60,000, respectively. The partners share profits and losses 20%, 40%, and 40% respectively. What is the total partnership capital after Roberta retires receiving $16..
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