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On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for CARLA VISTA Personal Coaching: 2020Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: Z. Moreau K. Krneta V. VisentinCash $14,900 $10,500 $19,90OFurniture 17,400 Equipment 19,600 14,600Total $34,500 $27,900 $34,500 They also agree that the partnership will assume responsibility for Karen's note payable of $4,900. Dec. 20 Zoe, Karen, and Veronica each withdraw $29,900 cash as a "year-end bonus." No other withdrawals were made during the year. 31 Total profit for 2020 was $109,000. 2021Jan. 5

On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for CARLA VISTA Personal Coaching: 2020Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: Z. Moreau K. Krneta V. VisentinCash $14,900 $10,500 $19,90OFurniture 17,400 Equipment 19,600 14,600Total $34,500 $27,900 $34,500 They also agree that the partnership will assume responsibility for Karen's note payable of $4,900. Dec. 20 Zoe, Karen, and Veronica each withdraw $29,900 cash as a "year-end bonus." No other withdrawals were made during the year. 31 Total profit for 2020 was $109,000. 2021Jan. 5

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:23 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for CARLA VISTA Personal Coaching: 2020Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: Z. Moreau K. Krneta V. VisentinCash S14,900 $10,500 $19,900Furniture 17,400 Equipment 19,600 14,600Total $34,500 $27,900 $34,500 They also agree that the partnership will assume responsibility for Karen's note payable of S4,900. Dec. 20 Zoe, Karen, and Veronica each withdraw $29,900 cash as a "year-end bonus." No other withdrawals were made during the year. 31 Total profit for 2020 was $109,000. 2021Jan. 5 Zoe and Veronica approve Karen's request to withdraw from the partnership for personal reasons. They agree to pay Karen $15,750 cash from the partnership. 6 Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively. Dec. 20 Zoe and Veronica withdraw $42,100 and $45,200 cash, respectively, from the partnership. 31 Total profit for 2021 was $123,750. 2022Jan. 4 Zoe and Veronica agree to admit Dela Hirjikaka to the partnership. Dela will focus on providing training in organizational skills to clients. Dela invests $31,100 cash for 25% ownership of the partnership. Record the above transactions. For the profit recognized each year, calculate how it is to be allocated and record the closing of the Income Summary account.
Transcribed Image Text:On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:23 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for CARLA VISTA Personal Coaching: 2020Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: Z. Moreau K. Krneta V. VisentinCash S14,900 $10,500 $19,900Furniture 17,400 Equipment 19,600 14,600Total $34,500 $27,900 $34,500 They also agree that the partnership will assume responsibility for Karen's note payable of S4,900. Dec. 20 Zoe, Karen, and Veronica each withdraw $29,900 cash as a "year-end bonus." No other withdrawals were made during the year. 31 Total profit for 2020 was $109,000. 2021Jan. 5 Zoe and Veronica approve Karen's request to withdraw from the partnership for personal reasons. They agree to pay Karen $15,750 cash from the partnership. 6 Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively. Dec. 20 Zoe and Veronica withdraw $42,100 and $45,200 cash, respectively, from the partnership. 31 Total profit for 2021 was $123,750. 2022Jan. 4 Zoe and Veronica agree to admit Dela Hirjikaka to the partnership. Dela will focus on providing training in organizational skills to clients. Dela invests $31,100 cash for 25% ownership of the partnership. Record the above transactions. For the profit recognized each year, calculate how it is to be allocated and record the closing of the Income Summary account.
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