In the LMN partnership,Lynn's capital is $60,000,Marty's is $80,000,and Nancy's is $70,000.They share income in a 4:3:3 ratio,respectively.Nancy is retiring from the partnership.Each of the following questions is independent of the others.
-Refer to the information above.Nancy is paid $84,000,and no goodwill is recorded.In the journal entry to record Nancy's withdrawal:
A) Lynn,Capital will be debited for $7,000
B) Marty,Capital will be debited for $6,000
C) Nancy,Capital will be credited for $70,000
D) Cash will be debited for $84,000
Correct Answer:
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Q21: Q22: In the ABC partnership (to which Daniel Q23: Q24: In the RST partnership,Ron's capital is $80,000,Stella's Q25: In the LMN partnership,Lynn's capital is $60,000,Marty's Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents![]()
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