After the tangible assets have been adjusted to current

Assignment Help Accounting Basics
Reference no: EM13566791

After the tangible assets have been adjusted to current market prices, the capital accounts of Harper and Kahlil have balances of $60,000 and $90,000 , respectively. Fay is to be admitted to the partnership, contributing $45,000 cash, for which she is to receive an ownership equity of 60,000. All partners share equally in income.

(1) Jounalize the entry to record the admission of Fay, who is to receive a bonus of $15,000. (2) What are the capital balances of each partner after the admission of the new partner. (2) What are the capital balances of each partner after the admission of the new partner?

Reference no: EM13566791

Questions Cloud

There are many differences between financial and managerial : 1.use the cash flow on total assets ratio to determine which of these three companies is using its assets most
Moonscape has just completed an initial public offering the : moonscape has just completed an initial public offering. the firm sold 4 million shares at an offer price of 10 per
You plan to deposit the funds in a mutual fund that you : you want to go to europe 5 years from now and you can save 3100 per year beginning one year from today. you plan to
What is the amount of dividends declared and distributed in : freebird company a merchandiser recently completed its 2013 calendar year. for the year 1 all sales are credit sales 2
After the tangible assets have been adjusted to current : after the tangible assets have been adjusted to current market prices the capital accounts of harper and kahlil have
What effect will a two-for-one stock split have on the : what effect will a two-for-one stock split have on the following items found on a firms financial statements?a earnings
In analyzing the runway proposal the board has decided to : adams countys board of representatives is considering the construction of a longer runway at the county airport.
Having heard about ipo underpricing i put in an order to my : having heard about ipo underpricing i put in an order to my broker for 2200 shares of every ipo he can get for me.
You own 1000 shares of xyz and have purchased ten : you own 1000 shares of xyz and have purchased ten protective put contracts. the puts have a delta of -0.317.a what is

Reviews

Write a Review

Accounting Basics Questions & Answers

  The ford motor company sold auto parts company because

the ford motor company sold an auto parts company because profitability was low. the main environmental dimension

  Information regarding ethics for managers

The Word for the study of Values in Philosophy is "Axiology," which has the same root as "Axiom" in mathematics. In Axiology, however, values are studied as to what motivates, inspires, of is responsible for human decision making.

  Problem related to financial adviser of school district

Second Baptist would start a church school; and Baker would open a car dealership. If you are the financial adviser for the school district, which offer would you prefer? Why?

  Discuss some of the risks associated with information

explain some of the risks associated with information assets it. consider issues such as security and protection of the

  Integral part of the manufactured productare

Materials that are an integral part of the manufactured productare classified as (direct materials, materials inventory) An example of factory overhead is (plant depreciation, salesoffice depreciation)

  Is the related lease finance or operating lease

If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?

  Barretts fashion forecasts sales

Barrett's fashion forecasts sales of 125,000 for the quarter ended december 31 Its gross profit reate is 20% of sales and its september 30inventory is 32,500 If the december 31 inventory is targeted at 41,500 budgeted purchases for the fourth quar..

  Sample of accounts payable for confirmation

Select a sample of accounts payable for confirmation, emphasizing vendors with a large balance and those that the client transacts with frequently, but include several with small and zero balances.

  What are the main objectives of ratio analysis and why is

what are the main objectives of ratio analysis and why is this important to external users of the financial statements

  Classify the cash flows from given transactions

Classify the cash flows from these transactions as operating activities (OA), investing activities (IA), or financing activities (FA). Use NA for transactions that do not affect the statement of cash flows.

  Purpose of equivalent-unit computation

The purpose of the equivalent-unit computation is to: convert partially completed units into the amount of completed output units that could be made with that quantity of input

  What can we learn from the answer to part d about the

phelps canning company is considering an expansion its current income staement is sales 5000000variable expenses50 of

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