Eaton, Korman, and Roland have capital balances of $150,000, $100,000, and $75,000, respectively, and their income ratios are 4:2:4.
Instructions
Record the withdrawal of Roland from the partnership under each of the following assumptions:
1. Roland is paid $75,000 from partnership assets.
2. Roland is paid $90,000 from partnership assets.
3. Roland is paid $55,000 from partnership assets.

Question

Quizplus · Accepted Answer

The Answer of Eaton, Korman, and Roland have capital balances of $150,000, $100,000, and $75,000, respectively, and their income ratios are 4:2:4.
Instructions
Record the withdrawal of Roland from the partnership under each of the following assumptions:
1. Roland is paid $75,000 from partnership assets.
2. Roland is paid $90,000 from partnership assets.
3. Roland is paid $55,000 from partnership assets.

Eaton, Korman, and Roland Have Capital Balances of $150,000, $100,000