When Jill retired from the partnership of Jill, Bill and Hill, the final settlement of her interest exceeded her capital balance. Under the bonus method, the excess Group of answer choices Was recorded as an expense. Had no effect on the capital balances of Bill and Hill. Was recorded as goodwill. Reduced the capital balance of Bill and Hill.

When Jill retired from the partnership of Jill, Bill and Hill, the final settlement of her interest exceeded her capital balance. Under the bonus method, the excess Group of answer choices Was recorded as an expense. Had no effect on the capital balances of Bill and Hill. Was recorded as goodwill. Reduced the capital balance of Bill and Hill.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 47P

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20. When Jill retired from the partnership of Jill, Bill and Hill, the final settlement of her interest exceeded her capital balance. Under the bonus method, the excess Group of answer choices Had no effect on the capital balances of Bill and Hill. Reduced the capital balance of Bill and Hill. Was recorded as an expense. Was recorded as goodwill
When Jill retired from the partnership of Jill, Bill and Hill, the final settlement of her interest exceeded her capital balance. Under the bonus method, the excess A. Reduced the capital balance of Bill and Hill. B. Had no effect on the capital balances of Bill and Hill. C.Was recorded as an expense. D. Was recorded as goodwill.
When BJ retired from the partnerhip of BJ, CJ, and HJ, the final settlement of BJ’s interest exceeded his capital balance. Under the bonus method, the excess Was recorded as an expense Was recorded as goodwill Reduced the capital balances of CJ and HJ Reduced the capital balances of CJ and HJ
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Prior to liquidating their partnership, Bonilla and Perez had capital accounts of $185,000 and $245,000, respectively. The partnership assets were sold for $30,000. The partnership had no liabilities. Bonilla and Perez share income and losses equally.a. Determine the amount of Bonilla’s deficiency.b. Determine the amount distributed to Perez, assuming that Bonilla is unable to satisfy the deficiency.
Prior to liquidating their partnership, Sam and Brian had capital accounts of $60,000 and $240,000, respectively. The partnership assets were sold for $120,000. The partnership had no liabilities. Sam and Brian share income and losses equally Determine the amount of Sam’s deficiency. Determine the amount distributed to Brian, assuming Sam is unable to satisfy the deficiency. Show your work:
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Prior to liquidating their partnership, Samuel and Brian had capital accounts of $60,000 and $240,000, respectively .The partnership assets were sold for $120,000. The partnership had no liabilities. Samuel and Brian share income and losses equally.. Required: Determine the amount of Samuel’s deficiency Determine the amount distributed to Brian, assuming Samuel is unable to satisfy the deficiency Show Your Work:.
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