At year-end, the Queen City partnership has the following capital balances: Isabella, Capital...
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Accounting
At year-end, the Queen City partnership has the following capital balances:
| Isabella, Capital | $ 330,000 |
|---|---|
| Catherine, Capital | 310,000 |
| Elizabeth, Capital | 280,000 |
| Victoria, Capital | 270,000 |
Profits and losses are split on a 3:3:2:2 basis, respectively. Elizabeth decides to leave the partnership and is paid $300,000 from the business based on the original contractual agreement.
Required:
The payment made to Elizabeth beyond her capital account was for Elizabeths share of previously unrecognized goodwill. After recognizing partnership goodwill, compute Isabellas capital balance after Elizabeth withdraws.
Required: The payment made to Elizabeth beyond her capital account was for Elizabeth's share of previously unrecognized goodwill. After recognizing partnership goodwill, compute Isabella's capital balance after Elizabeth withdraws
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