Partnership records show the following capital balances at the date of Hopkin's withdrawal: M. Hammel, $80,000; D. Hopkins, $210,000; and P. Houghton, $100,000. The three partners share income and loss equally. On December 31, after the death of Hopkins, the two remaining partners, Hammel and Houghton, and the estate of Hopkins agree that a payment of $200,000 will be made to settle the capital balance of Hopkins. Prepare the December 31 journal entry for the partnership.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Partnership records show the following capital balances at the date of Hopkin's withdrawal: M. Hammel, $80,000; D. Hopkins, $210,000; and ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
June 1 Stockholders invested $21,800 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $14,200. Nancy paid $4,000 cash and signed a note payable for the remaining balance.
Answers (1)
Which of the following groups does not sponsor apprenticeship programs? Question 11 options: A) Labor unions B) Individual programs C) Parent-teacher associations D) Business or trade organizations Save
Answers (1)
An aggressive dictator is deciding where to hide his weapon of mass destruction, while the UN is deciding where to look for it.
Answers (1)
Alex is 63 years old and retired. This year Alex won $212,200 in the state lottery. Alex also received $20,000 from an annuity he purchased eight years ago. He purchased the annuity, to be paid annually for 15 years, for $157,500.
Answers (1)
Morgan and M. Halsted are partners who share income and loss in a 3:1 ratio. After several unprofitable periods, the two partners decided to liquidate their partnership.
Answers (1)
New Questions in Business
In 2019, Grant's personal residence was completely destroyed by fire. He was insured for 100% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income before considering the casualty item of $30,000.
Answers (1)
In the current year, Apricot Corporation had taxable income of $120,000. Included in taxable income was a $10,000 capital gain. The $120,000 of taxable income does not include a $15,000 capital loss carryforward available from the previous year.
Answers (1)
28. After aging Accounts Receivable, Z Company estimates uncollectible for 2015 to be $4,000. The balance in the allowance account at January 1, 2015 was a $300 credit. During the year, Z Co. wrote off $400 of accounts receivable.
Answers (1)
When mr. jones, the owner of a local hardware store, asks one of his lawnmower suppliers about the total ability of their product to meet customer needs, he is questioning the quality of that mower?
Answers (1)
Lakeview school district, a governmental entity, received 10 computers from computer hut, a local computer firm. the computers were a donation to the district by computer hut. the cost to computer hut for each computer is $2,500.
Answers (1)