Please help me with all answers thanku Hunter, Folgers, and Tulip have been partners while sharing net Income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers,30%; and Tulip, 20%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $400,000;Folgers, $280,000; and Tulip, $200,000.Prepare Journal entries to record the retirement of Tulip under the following independent assumptions.Assume Tulip is paid $200,000, $220,000, $170,000 for her equity using partnership cash.Note: Do not round Intermediate calculations. Round final answers to the nearest whole dollar.View transaction listJournal entry worksheet< 1 2 3Record the retirement of Tulip on the assumption that she is paid for herequity using partnership cash of $170,000.Note: Enter debits before credits.Transaction(c)Record entryGeneral JournalClear entryDebitCreditView general journal Hunter, Folgers, and Tulip have been partners while sharing net Income and loss in a 5:3:2 ratlo (in percents: Hunter, 50%; Folgers,30%; and Tulip, 20%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $400,000;Folgers, $280,000; and Tulip, $200,000.Prepare Journal entries to record the retirement of Tulip under the following Independent assumptions.Assume Tulip is paid $200,000, $220,000, $170,000 for her equity using partnership cash.Note: Do not round Intermediate calculations. Round final answers to the nearest whole dollar.View transaction listJournal entry worksheet12Record the retirement of Tulip on the assumption that she is paid for herequity using partnership cash of $200,000.Transaction(a)Note: Enter debits before credits.Record entryView transaction list32Transaction(b)Journal entry worksheet< 1General JournalHunter, Folgers, and Tulip have been partners while sharing net Income and loss in a 5:3:2 ratio (In percents: Hunter, 50%; Folgers,30%; and Tulip, 20%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $400,000;Folgers, $280,000; and Tulip, $200,000.Prepare Journal entries to record the retirement Tulip under the following Independent assumptions.Assume Tulip is paid $200,000, $220,000, $170,000 for her equity using partnership cash.Note: Do not round Intermediate calculations. Round final answers to the nearest whole dollar.3Record entryClear entryNote: Enter debits before credits.Record the retirement of Tulip on the assumption that she is paid for herequity using partnership cash of $220,000.DebitGeneral JournalClear entryCreditView general journalDebit>CreditView general journal

Answer : 1.Assuming Tulip has been paid $200,000 for her equity using partnership cash Date…

$280,000; and Tulip, $200,000. ournal entries to record the retirement of Tulip under the following independent Tulip is paid $200,000, $220,000, $170,000 for her equity using partnership cas not round Intermediate calculations. Round final answers to the nearest who ansaction list

$280,000; and Tulip, $200,000. ournal entries to record the retirement of Tulip under the following independent Tulip is paid $200,000, $220,000, $170,000 for her equity using partnership cas not round Intermediate calculations. Round final answers to the nearest who ansaction list

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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