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AleksAgata [21]
3 years ago
5

In the LMN partnership, Lynn's capital is $60,000, Marty's is $80,000, and Nancy's is $70,000. They share income in a 4:3:3 rati

o, respectively. Nancy is retiring from the partnership. Each of the following questions is independent of the others.
41. Refer to the information above. Nancy is paid $84,000, and no goodwill is recorded. In the journal entry to record Nancy's withdrawal
A. Lynn, Capital will be debited for $7,000
B. Marty, Capital will be debited for $6,000
C. Nancy, Capital will be credited for $70,000
D. Cash will be debited for $84,000
Business
1 answer:
djyliett [7]3 years ago
6 0

Answer:

B. Marty, Capital will be debited for $6,000

Explanation:

The journal entry must record the following operations:

Lynn, Capital will be debited for $8,000

Marty, Capital will be debited for $6,000

Nancy, capital will be debited $70,000

Cash will be credited for $84,000  

Income sharing is met, where Lynn and Marty have a 4:3 ratio, that equates to reduced $8,000 of Lynn's capital, and reduced $6,000 of Marty's capital.

Option B es the correct.

Hope this helps!

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Betty made a 20% profit on a residential lot she sold for $30,000. What did she pay for the property
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Answer: $25000

Explanation:

From the question, we are informed that Betty made a 20% profit on a residential lot she sold for $30,000. Let the cost price of the property be represented by x.

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120% × x = $30000

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The following selected information is from Princeton Company’s comparative balance sheets. At December 31 2017 2016 Common stock
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Download xlsx
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