Calculate the ending capital balances

Assignment Help Managerial Accounting
Reference no: EM13513619

Jeff Bowman and Kristi Emery, who have ending capital balances of $100,000 and $60,000, respectively, agree to admit two new partners to their business on August 18, 20--. Dan Bridges will buy one-fifth of Bowman's capital interest for $30,000 and one-fourth of Emery's capital interest for $20,000.

Payments will be made directly to the partners. Anna Terrell will invest $50,000 in the business, for which she will receive a $50,000 capital interest.

1. Prepare general journal entries showing the transactions admitting Bridges and Terrell to the partnership.

2. Calculate the ending capital balances of all four partners after the transactions.

Reference no: EM13513619

Questions Cloud

Determine what is the mass of the wheel : A large grinding wheel in the shape of a solid cylinder of radius 0.330 m is free to rotate on a frictionless, vertical axle. What is the mass of the wheel
Determine the amount of net income : Determine the amount of net income that Rhea and Sellevaeg would receive under each of the independent assumptions
Explain the structure and function of specialised cells : Identify and describe the structure and function of specialised cells of protection, sensation and secretion in the integumentary system
Determine the spending variance and efficiency variance : Direct labor hours used were 52,000 hours. Actual variable overhead costs were  $109,200. Determine the spending variance and efficiency variance for variable overhead.
Calculate the ending capital balances : Prepare general journal entries showing the transactions admitting Bridges and Terrell to the partnership and calculate the ending capital balances of all four partners after the transactions.
What is the childs speed with respect to the ground : Walking on a Merry-Go-Round A child of mass stands at rest near the rim of a stationary merry-go-round of radius and moment of inertia. What is the child's speed with respect to the ground
Define what is the temperature of the gas : The root mean square velocity of argon atoms is found to be 5.67x103 m/s. What is the temperature of the gas
Classsify the following costs as variable : Classsify the following costs as variable (V), fixed (F), or semivariable (S) in terms of their behavior with respect to volume or level of activity.
Prepare a statement of partnership liquidation : Prepare a statement of partnership liquidation with supporting safe payments schedules for each cash distribution.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Determine company costs change depending on production

How would the information a management accountant would use to determine company costs change depending on type of production?

  Determining cost systems-tioga company

Tioga Company manufactures sophisticated lenses and mirrors used in large optical telescopes. The company is not preparing its annual profit plan.

  Prepare a job cost sheet

Prepare a job cost sheet and record the information given above and also a cost summary for job and prepare a purchases budget in units and dollars for the quarter ending 30th December 2014.

  Cintax cost behavior and decisions

Cintas Company produces a line of cleaning products for both industrial and household use. While most of the company's products are processed independently, a few are related, such as Pearl and Satin Polish.

  Evaluate original decision to acquire the automated machine

Re-compute the predetermined rate assuming that the new machine will be installed and explain why the new predetermined overhead rate is higher (or lower) than the rate that was originally estimated for the year 2014

  Minimum amount of revenue

Estilo Company has 3 operating segments with following information: What is the minimum amount of revenue that each of these segments must generate to be considered separately reportable?

  How the use of ethics by the parties

Critique the Ethics of those involved in the News of the World phone hacking scandal. Demonstrate in your critical analysis how the use of Ethics by the parties involved could have assisted in better operation of News Ltd.

  Diverse measurement techniques

why is measurement in the context of accounting so important and why has measurement become such a controversial accounting issues in recent times?

  Transfer pricing internal transfer versus external

transfer pricing internal transfer versus external salehousehold appliances ltd is a divisionalised company in which

  More limited produces four types of electric motors type x

more limited produces four types of electric motors. type x and y are sold by the business to external customers. the

  Predict the following items for mateo company

Mateo Company's average cost per unit is $1.425 at the 16,000-unit level of activity and $1.38 at the 20,000-unit level of activity.Note: you need to calculate a total cost.

  Managerial accounting af 211brinkers bicycle shopa special

managerial accounting af 211brinkers bicycle shopa special order decisionthis offer is the greatest thing thats

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd