Solved: Lia wu and becca sims are partners who share in the income, Accounting Basics

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Lia wu and becca sims are partners who share in the income

1.Lia Wu and Becca Sims are partners who share in the income equally and have capital balances of $150,000 and $62,500, respectively. Wu, with the consent of Sims, sells onethird of her interest to Kara Oliver. What entry is required by the partnership if the sales price is:

(a) $40,000?

(b) $60,000?

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Accounting Basics: Lia wu and becca sims are partners who share in the income

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