Julie Ellis, Sara Lake, and Dan Madden have capital balances of $ 54,000, $ 82,000, and $ 36,000, respectively, and their profit ratios are 4:2:4.
Instructions
Record the withdrawal of Madden from the partnership under each of the following independent assumptions:
a) Madden is paid $ 36,000 from partnership assets.
b) Madden is paid $ 48,000 from partnership assets.
c) Madden is paid $ 27,000 from partnership assets.

Question

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The Answer of Julie Ellis, Sara Lake, and Dan Madden have capital balances of $ 54,000, $ 82,000, and $ 36,000, respectively, and their profit ratios are 4:2:4.
Instructions
Record the withdrawal of Madden from the partnership under each of the following independent assumptions:
a) Madden is paid $ 36,000 from partnership assets.
b) Madden is paid $ 48,000 from partnership assets.
c) Madden is paid $ 27,000 from partnership assets.

Julie Ellis, Sara Lake, and Dan Madden Have Capital Balances