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Simonsen,Paulson and Richardson Are Partners in a Firm with the Following

Question 79

Multiple Choice

Simonsen,Paulson and Richardson are partners in a firm with the following capital account balances:
Simonsen,Paulson and Richardson are partners in a firm with the following capital account balances: Paulson is retiring from the partnership on 31 December 2017.The profit-and-loss-sharing ratio among Simonsen,Paulson and Richardson is 1:3:2,in the order given.Paulson is paid $110,000 cash in full compensation for her capital account balance.Journalise the cash payment of $110,000 to Paulson upon retirement. A) B) C) D)
Paulson is retiring from the partnership on 31 December 2017.The profit-and-loss-sharing ratio among Simonsen,Paulson and Richardson is 1:3:2,in the order given.Paulson is paid $110,000 cash in full compensation for her capital account balance.Journalise the cash payment of $110,000 to Paulson upon retirement.


A) Simonsen,Paulson and Richardson are partners in a firm with the following capital account balances: Paulson is retiring from the partnership on 31 December 2017.The profit-and-loss-sharing ratio among Simonsen,Paulson and Richardson is 1:3:2,in the order given.Paulson is paid $110,000 cash in full compensation for her capital account balance.Journalise the cash payment of $110,000 to Paulson upon retirement. A) B) C) D)
B) Simonsen,Paulson and Richardson are partners in a firm with the following capital account balances: Paulson is retiring from the partnership on 31 December 2017.The profit-and-loss-sharing ratio among Simonsen,Paulson and Richardson is 1:3:2,in the order given.Paulson is paid $110,000 cash in full compensation for her capital account balance.Journalise the cash payment of $110,000 to Paulson upon retirement. A) B) C) D)
C) Simonsen,Paulson and Richardson are partners in a firm with the following capital account balances: Paulson is retiring from the partnership on 31 December 2017.The profit-and-loss-sharing ratio among Simonsen,Paulson and Richardson is 1:3:2,in the order given.Paulson is paid $110,000 cash in full compensation for her capital account balance.Journalise the cash payment of $110,000 to Paulson upon retirement. A) B) C) D)
D) Simonsen,Paulson and Richardson are partners in a firm with the following capital account balances: Paulson is retiring from the partnership on 31 December 2017.The profit-and-loss-sharing ratio among Simonsen,Paulson and Richardson is 1:3:2,in the order given.Paulson is paid $110,000 cash in full compensation for her capital account balance.Journalise the cash payment of $110,000 to Paulson upon retirement. A) B) C) D)

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