Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. benny, george, and angie have partnership capital

Benny, George, and Angie have partnership capital accounts with balances of $150,000, $300,000, and $70,000,...

50.1K

Verified Solution

Question

Accounting

Benny, George, and Angie have partnership capital accounts with balances of $150,000, $300,000, and $70,000, respectively. The income sharing ratio is Benny, 50%; George, 40%; and Angie, 10%. Benny decides to withdraw from the partnership. It is agreed that George and Angie will each pay Benny $80,000 from their personal assets for half of Bennys partnership interest. The balances in Georges and Angies capital accounts after Bennys withdrawal would be

George, $420,000, and Angie, 100,000.

George, $300,000 and Angie, $70,000.

George, $380,000, and Angie, $150,000.

George, $375,000, and Angie, $145,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A test has many multiple-choice items, each with seven answer choices. A student receives 1...

Calculus
Q

[ 1 -1 3 -3 5 2 ] A=[ 1 -1 4 -1 9 -4 ] [...

Advance Math
Q

Does the following fitness array reflect heterozygote inferiority or superiority?           A1A1               A1A2                   A2A2 fitness 0.70                 1                      0.80 Calculate the equilibrium frequency of p for...

Biology
Q

8 When serving a meal be sure OA to provide hearty portions O B everyone...

Biology
Q

Plasma membranes separate the cells internal components from the external environment Identify the organelle that...

Biology
Q

10 kg i Two blocks A and B are connec and a spring the string...

Physics
Q

customers waited for their orders at two different restaurants There were 19 wait times recorded...

Statistics
Q

post test after The results are shown in the table below Pre test 1 Post...

Statistics
Q

1. Evaluate fff8zdV where E is the region bounded by z = 2x + 2y-4...

Calculus
Q

Comfy Furniture Company costs Depreciation on sales office...

Accounting
Q

On January 1, 2020, the...

Accounting
Q

Carla Vista Limited reported the following information (in millions) at December 31,2024 : sales $19,000;...

Accounting