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On March 2, 2023, Zoe Miller, Karen Moore, and Veronica Anderson start a partnership to operate a personal coaching and lifestyle
consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on
health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The
following are the transactions for Pharoah Personal Coaching:
2023
Mar. 2 The partners contribute assets to the partnership at the following agreed amounts:
Z. Miller
K. Moore
V. Anderson
Cash
$12,000
$8,000
$16,000
Furniture
13,600
Equipment
14,400
10,400
Total
$26,400
$21,600
$26,400
They also agree that the partnership will assume responsibility for Karen's note payable of $4,000,
Dec. 20 Zoe, Karen, and Veronica each withdraw $24,000 cash as a year-end bonus." No other withdrawals were made during