The partner equity balances are Jack, Capital 30000,Current 9000; Bob, Capital 35000, Current 12000; and Tim, Capital 14000, Current 4000. The profit-and-loss sharing ratio is 1:3:2 to Jack , Bob and Tim. Jack withdraws and receives 55000 cash from the partnership. The balance of Tim's capital account after Jack's withdraw is: The balance of Tim's current account after Jack's withdraw is
The partner equity balances are Jack, Capital 30000,Current 9000; Bob, Capital 35000, Current 12000; and Tim, Capital 14000, Current 4000. The profit-and-loss sharing ratio is 1:3:2 to Jack , Bob and Tim. Jack withdraws and receives 55000 cash from the partnership. The balance of Tim's capital account after Jack's withdraw is: The balance of Tim's current account after Jack's withdraw is
Oh no! Our experts couldn't answer your question.
Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience.
Submit your question and receive a step-by-step explanation from our experts in as fast as 30 minutes.
You have no more questions left.
Message from our expert:
Hi and thanks for your question! Unfortunately it looks incomplete. Please resubmit the question with complete information
We've credited a question back to your account. Apologies for the inconvenience.
Your Question:
The partner equity balances are Jack, Capital 30000,Current 9000; Bob, Capital 35000, Current 12000; and Tim, Capital 14000, Current 4000.
The profit-and-loss sharing ratio is 1:3:2 to Jack , Bob and Tim. Jack withdraws and receives 55000 cash from the partnership.
The balance of Tim's capital account after Jack's withdraw is:
The balance of Tim's current account after Jack's withdraw is
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College