Required Information [The following Information apples to the questlons displayed below.] Goering, Zarcus, and Schmit are partners and share Income and loss In a 1:4:5 ratio. The partnership's capital balances are as follows: Goering, $23,000; Zarcus. $99,000; and Schmit, $128,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement. Prepare Journal entrles to record Zarcus's February 1 withdrawal from the partnership under each of the following separate assumptions (Do not round Intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response):
Required Information [The following Information apples to the questlons displayed below.] Goering, Zarcus, and Schmit are partners and share Income and loss In a 1:4:5 ratio. The partnership's capital balances are as follows: Goering, $23,000; Zarcus. $99,000; and Schmit, $128,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement. Prepare Journal entrles to record Zarcus's February 1 withdrawal from the partnership under each of the following separate assumptions (Do not round Intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response):
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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