Goering, Zarcus, and Schmit are partners and share income and loss in a 1:4:5 ra

Question

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, $33,000; Zarcus, $139,000; and Schmit, $178,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement.

Problem 12-4A Part 1

Prepare journal entries 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):

Assume that Zarcus does not retire from the partnership described in Part 1. Instead, Ford is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Ford

Prepare journal entries 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):

Explanation / Answer

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