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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Given the below relational algebra expressions, use domain and tuple relational calculus to specify them: a. ?x=z...

Advance Math
Q

In order to see the pretty colors of fall leaves, you would have to visitthe...

Biology
Q

5 A ship is being blown by a breeze with a force of 100 N...

Geometry
Q

K Does the frequency distribution appear to have a normal distribution using a strict interpretation...

Statistics
Q

Given y 3x 2 3 is the Onone of the listed answers 3 is the...

Calculus
Q

Required information Problem 18-3A (Algo) Break-even...

Accounting
Q

A cash budget, by quarters, is given below for a retail company ( 000 omitted)....

Accounting
Q

Flight Caf is a company that prepares in-flight meals for airlines in its kitchen located...

Accounting
Q

Ian Mapp sells an entire passive activity property. The property has an adjusted basis of...

Accounting
Q

7. Bar code scanner S7-3 Identifying special journals Use the followi transactions a through n....

Accounting
Q

Mr Cahill entered into a 12-month mobile telephone contract with the mobile telephone operator RTelecom...

Accounting
Q

Chapter 7 Financial Planning Exercise 2 Calculating debt safety ratio Use Worksheet 7.1. Every 4...

Finance