The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda Adams Fergie Gomez Total capital $ 170,000 150,000 140,000 130,000 $ 590,000 Answer each of the following independent questions: a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $168,000 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 $330,000 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.)

The E.N.D. partnership has the following capital balances as of the end of the current year: $ 280,000 240,000 210,000 190,000 $ 920,000 Pineda Adams Fergie Gomez Total capital Answer each of the following independent questions: a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $262,000 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 $305,000 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.) Capital Balance a. Pineda Adams Gomez b. Adams Fergie Gomez

The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda $ 270,000 Adams 240,000 Fergie 230,000 Gomez 220,000 Total capital $ 960,000 Answer each of the following independent questions: Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $269,000 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? Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $355,000 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.)

Milton has a basis in his partnership of $300,000, including his $80,000 share of partnership liabilities. At the end of the current year the partnership pays off the liabilities and makes a proportionate current distribution to its partners. Milton receives a parcel of land (partnership basis of $120,000 and FMV of $135,000) and inventory (partnership basis of $160,000 and FMV of $180,000). Following the distribution what is Milton's basis in the inventory? I'm not sure if it's 160,000 or not

es A partnership has the following capital balances: Artur, Capital Bella, Capital Callo, Capital $ 60,000 30,000 90,000 Profits and losses are split as follows: Artur (20%), Bella (30%), and Callo (50%). Callo wants to leave the partnership and is paid $100,000 from the business based on provisions in the articles of partnership. Required: Assuming the partnership uses the bonus method, compute the balance of Bella's capital account after Callo withdraws. Note: Amounts to be deducted should be indicated with minus sign. Bella's capital balance before withdrawal bonus to Callo Allocation of Callo's bonus Bella's capital balance after Callo's withdrawal

The SSC, a cash-method partnership, has a balance sheet that includes the following assets on December 31 of the current year: Basis FMV $ 180,000 $ 180,000 0 Cash Accounts receivable 60,000 120,000 $ 270,000 $360,000 Susan, a one-third partner, has an adjusted basis of $90,000 for her partnership interest. If Susan sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Susan's gain or loss from the sale? Group of answer choices $10,000 capital gain $10,000 ordinary income $20,000 ordinary income; $10,000 capital gain $10,000 capital loss; $20,000 ordinary income Land Total 90,000

The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda 160,000 Adams 140,000 Fergie 130,000 Gomez 120,000 Answer each   A. Assume that the partners and losses 3:3:2:2,respectively. Fergie retires and is paid 151,000 based on the terms of the orginal partnership agreement. If the Goodwill method is used;what is the capital of the remaining three partners? B. Assume that the partners share profit and losses 4:3:2:1, respectively. Peneda retires and is paid 305,000 based on the terms of the orginal partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round intermediate calculations. Round to the nearest amounts.   A. Pineda   capital Balance__________ Adams       capital Balance__________ Gomez      capital Balance__________     B. Pineda        capital Balance__________ Adams       capital Balance__________ Gomez      capital Balance__________

Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $199,800 and $62,680, respectively. Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis.   Assume the sale occurs on December 31. What entry is required by the partnership if the sales price is (a) $66,600? (b) $87,700?

Liam, Michael and Noah own interests in the LMN Partnership. Their current capital account balances are as follows: Liam $450,000 Michael 350,000 Noah 200,000 Partnership income is shared in a 1:5:4 ratio. Olivia buys a 20% interest in the partnership by acquiring 20% of each existing partner's interest, paying the three partners a total of $300,000. Partnership identifiable net assets are currently reported at amounts approximating fair value. Using the recognition of implied goodwill approach, implied goodwill is: Select one: a. $500,000 b. $800,000 c. $300,000 d. $100,000

After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. a.  Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank.   Cash        Grayson Jackson, Capital        Harry Barge, Capital        Lewan Gorman, Capital      b.  What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson $ Harry Barge $ Lewan Gorman $