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


 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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