What is the balance of Pinta's capital account after Nina's retirement?

The balance sheet for the partnership of Nina, Pinta, and Santa Maria at January 1, 2017 follows. The partners share profits and losses in the ratio of 3:2:5, respectively

Nina is retiring from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of $540,000 at January 1, 2017. Pinta and Santa Maria agree that the partnership will pay Nina $135,000 cash for hers her partnership interest. There is no goodwill is to be recorded. What is the balance of Pinta's capital account after Nina's retirement?

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

What would be the account balance in the Cash account after the following transactions. Assume a...

What would be the account balance in the Cash account after the following transactions. Assume a zero beginning Cash balance. Owner invested cash in the business $100,000 Purchase supplies with cash. $20,000 Received a bill for one month of rent owed to landlord $2,200 Paid wages earned in the month in cash $800 Billed a customer for services performed $1,250 A. $124,250 B. $80,400 C. $77,800 D. $79,200 E. $80,000 What would the account balance in Accounts Receivable after the...

Account Balance after 3 years

You deposit $1000 into a saving account with 9% interest per annum. Assuming no transactions on the account, determine the account balance after 3 years.

What is the nation’s trade balance on its current account and capital account given the following information?

What is the nation’s trade balance on its current account and capital account given the following information? Is the nation experiencing a cash (outflow) in its current account and capital account? Was there a net currency inflow or outflow? Please prepare a table for both current account and capital account. please provide formula and answerImports: $206Exports: 250Direct investment abroad: 34Foreign investments in the country: 16Foreign purchases of domestic securities: 33Purchases foreign securities; 87Net income from foreign investments; 71Government spending abroad: ...

The balance in an investment account years t after the account is opened is given by...

The balance in an investment account years t after the account is opened is given by 7500(1.065t). Compute the average rate of change for 2.5 ≤ t ≤ 3.5. (Round your answer to two decimal places.) Δ balance/ Δt=?

(2) Why does a country's current account balance and capital account balance have equal size but...

(2) Why does a country's current account balance and capital account balance have equal size but opposite signs numerically? (3) Defend or refute the following statement: President Trump's tariffs upon Chinese imports and sanctions against Russia, Iran and countries that do business with these two countries are in the best interest of U.S. workers and businesses.

7. Explain the following terminologies: capital account, current account, and balance of payment.

You plan to make contributions to your retirement account for the next 20 years. After the...

You plan to make contributions to your retirement account for the next 20 years. After the last contribution, you will retire and begin withdrawing $3000 each month, and you want the money to last an additional 20 years. Assume your account earns 8% interest compounded monthly. a.How much do you need to have saved in 20 years in order to withdraw according to plan? b) How much do you need to deposit into the savings account for the next 20...

There were no new capital contributions during the year. After the closing entries are posted, what is the balance in Baker, Capital?

Chapter 4-The following is the adjusted trial balance for Baker Services.AccountsDebitCreditCash$31,100Accounts Receivable30,000Prepaid Insurance3,500Office Supplies3,200Land49,000Building150,000Accumulated Depreciation—Building$14,500Equipment77,000Accumulated Depreciation—Equipment7,000Accounts Payable25,000Salaries Payable2,000Unearned Revenue26,000Mortgage Payable106,000Baker, Capital24,500Baker, Withdrawals23,000Service Revenue275,000Salaries Expense64,000Depreciation Expense—Building and Equipment5,600Supplies Expense11,000Insurance Expense14,600Utilities Expense18,000 Total$480,000$480,000There were no new capital contributions during the year. After the closing entries are posted, what is the balance in Baker, Capital? Please show your calculations:

What is the net of the capital account?

Consider the following events:Overseas telecommunication companies are paying $400,000 to US filmmakers for broadcasting TV shows.Morgan Stanley bought US Treasury Bills worth $1 Billion.A Canadian liquor store LCBO sold ice vine worth $100,000, $30,000 of which was sold to US customers.A US telecom company bought patents from Nokia (Finland) for $1 million.Wells Fargo received $500,000 in dividends from overseas holdings.US Government contributed $100,000 to the BIRD foundation sponsoring research at Tel Aviv University.A senior residing in New York moved to...

Balance of payments If India’s current account balance is -57336 and the sum of its capital...

Balance of payments If India’s current account balance is -57336 and the sum of its capital and financial account balances is 48990, what other entry must appear in its balance of payments, and what does that entry reflect?

Subjects