Paulson is retiring from the partnership on December 31, 2018. The profit-and-loss-sharing ratio among Simonsen, Paulson, and Richardson is 1:3:2, in the order given. Paulson is paid $100,000 cash in full compensation for her capital account balance. Which of the following journal entries would the firm record for this transaction? (Round the final answer to the nearest dollar.)
Simonsen, Paulson, and Richardson are partners in a firm with the following capital account
balances:
The withdrawing partner may be so eager to depart that he or she will take less than his or
her full capital balance. Paulson withdraws from the business and agrees to receive cash of $100,000.
This settlement is $80,000 less than Paulson's capital account balance. The remaining partners
(Simonsen and Richardson) share this $80,000 difference according to their existing profit-and-loss-sharing ratio (1:2).
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Discuss and exemplify how the Q&A session can be advantageous to both the speaker and audience.
What will be an ideal response?
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What will be an ideal response?
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Which component of the Internet mindset is focused on providing an interactive customer experience with the company?
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