Willow Construction Company is a partnership with three equal partners. On April 4, 2020, one of the partners fell off some scaffolding and was permanently paralyzed. He could no longer contribute to the company, so he withdrew his partnership. The other two partners bought out his part of the company and continued the company with only two partners. However, they stil had to rewrite the partnership agreement to form a new partnership. This is because a change in partners causes O mutual agency. O unlimited liability for the remaining partners. O partnership dissolution. O partnership realignment.

Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2019, O’Donnell invests a building worth $74,000 and equipment valued at $44,000 as well as $32,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances.  To entice O’Donnell to join this partnership, Reese draws up the following profit and loss agreement: O’Donnell will be credited annually with interest equal to 10 percent of the beginning capital balance for the year.O’Donnell will also have added to his capital account 10 percent of partnership income each year (without regard for the preceding interest figure) or $6,000, whichever is larger. All remaining income is credited to Reese.Neither partner is allowed to withdraw funds from the partnership during 2019.…

Foss, Albertson, and Espinosa are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $111,000, $62,000, and $32,000, respectively.   Assume instead that Foss leaves the partnership. Foss is paid $129,000 with a bonus to the retiring partner. Prepare the journal entry to record Foss’s withdrawal. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

this is for my accounting homework please help asap

Michael works as an accountant at a large accounting firm. Michael is also a partner in XYZ partnership. In 2020, Michael spends 240 hours working in XYZ. His business partner, Beth, only spends 210 hours working in the partnership. The partnership has no employees other than the two partners who contribute their time. Michael has materially participated in the partnership. Group of answer choices True False

Please help me.  Thankyou.