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Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows: Brislin Capital   $602,000 Humphreys, Capital   368,000 Watkins, Capital   261,000 Prepare the journal entry on the books of the partnership to record the withdrawal of Watkins under the following independent circumstances:   The partners agree that Watkins should be paid $221,000 by the partnership for his interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title                                                                        enter a debit amount enter a credit amount select an account title                                                                        enter a debit amount enter a credit amount select an account title…

In 2017, Ryan, Chen and Win established a firm partnership and they agreed to share the profits in a 2:1:1 ratio. In mid-2018, with operations running profitably, they decided to dissolve the firm's partnership. Based on the following facts, prepare a summary of the partner's capital balance showing how much, if any, is available to settle in final settlement. A B Value of net assets paid in to partnership firm... $50,000 $22,500 $20,000 Company partnership net income for 1976 $30,000 divided into Ratio 2:1:1.. $15,000 $7,500 $7,500 1986 private take... $15,000 $10,000 $10,000 Net assets at the time of dissolution are assessed For $65,000 and distributed to $16,250 $16,250 Allies according to a ratio of 2:1:1..... $32,500

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