# Problems 13 and 14 are independent problems based on the following scenario: At year-end, the…

Problems 13 and 14 are independent problems based on the following scenario: At year-end, the Circle City partnership has the following capital balances:

Profits and losses are split on a 3:3:2:2 basis, respectively. Clark decides to leave the partnership and is paid \$90,000 from the business based on the original contractual agreement.

Problems :

13. The payment made to Clark beyond his capital account was for Clark’s share of previously unrecognized goodwill. After recognizing partnership goodwill, what is Manning’s capital balance after Clark withdraws?

a. \$133,000 b. \$137,500 c. \$140,000 d. \$145,000

Problems:

14. If instead the partnership uses the bonus method, what is the balance of Manning’s capital account after Clark withdraws?

a. \$100,000 b. \$126,250 c. \$130,000 d. \$133,750

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