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Travis, Jennifer, and Henry have partnership capital account balances of $150000, $300000 and $70000, respectively. The sharing ratio is Travis, 50%; Jennifer, 40%; and Henry, 10%. Travis wishes to withdraw from the partnership and it is agreed t partnership assets of $120000 will be used to pay Travis for her partnership interest. The balances of Jennifer's and Henry's accounts after Travis's withdrawal would be O Jennifer, $276000 enry $64000

Travis, Jennifer, and Henry have partnership capital account balances of $150000, $300000 and $70000, respectively. The sharing ratio is Travis, 50%; Jennifer, 40%; and Henry, 10%. Travis wishes to withdraw from the partnership and it is agreed t partnership assets of $120000 will be used to pay Travis for her partnership interest. The balances of Jennifer's and Henry's accounts after Travis's withdrawal would be O Jennifer, $276000 enry $64000

FINANCIAL ACCOUNTING
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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Travis, Jennifer, and Henry have partnership capital account balances of $150000, $300000 and $70000, respectively. The profit- sharing ratio is Travis, 50%; Jennifer, 40%; and Henry, 10%. Travis wishes to withdraw from the partnership and it is agreed that partnership assets of $120000 will be used to pay Travis for her partnership interest. The balances of Jennifer's and Henry's Capital accounts after Travis's withdrawal would be O Jennifer, $276000: Henry, $64000 O Jennifer, 5300000; Henry, $70000, Jennifer, $324000; Henry. $76000. Jennifer, $285000; Henry $55000.
Transcribed Image Text:Travis, Jennifer, and Henry have partnership capital account balances of $150000, $300000 and $70000, respectively. The profit- sharing ratio is Travis, 50%; Jennifer, 40%; and Henry, 10%. Travis wishes to withdraw from the partnership and it is agreed that partnership assets of $120000 will be used to pay Travis for her partnership interest. The balances of Jennifer's and Henry's Capital accounts after Travis's withdrawal would be O Jennifer, $276000: Henry, $64000 O Jennifer, 5300000; Henry, $70000, Jennifer, $324000; Henry. $76000. Jennifer, $285000; Henry $55000.
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