E12-8 Dale Nagel, Keith White, and Dan Neal have capital balances of $60,000, respectively. They share income or loss on a 4:3:2 basis. Assume White withdraws from (SO 5) AP the partnership on September 30 of the current year under each of the following independent as- sumptions: 1. White is paid $85,000 cash from partnership assets. 2. White is paid $69,000 cash from partnership assets. Instructions Journalize the withdrawal of White under each of the above assumptions.

E12-8 Dale Nagel, Keith White, and Dan Neal have capital balances of $60,000, respectively. They share income or loss on a 4:3:2 basis. Assume White withdraws from (SO 5) AP the partnership on September 30 of the current year under each of the following independent as- sumptions: 1. White is paid $85,000 cash from partnership assets. 2. White is paid $69,000 cash from partnership assets. Instructions Journalize the withdrawal of White under each of the above assumptions.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 59P

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