User Account

All Pages

What are the capital balances of each partner

Assignment Help Accounting Basics
Reference no: EM131125816

1. The capital accounts of Brad Hughes and Mitchell Isaacs have balances of $120,000 and $100,000, respectively. Leah Craft and Jayme Clark are to be admitted to the partnership. Craft buys one-fifth of Hughes's interest for $30,000 and one-fourth of Isaacs' interest for $20,000. Clark contributes $50,000 cash to the partnership, for which she is to receive an ownership equity of $50,000.

(a) Journalize the entries to record the admission of 

(1) Craft and 

(2) Clark.

(b) What are the capital balances of each partner after the admission of the new partners? 

Reference no: EM131125816

Questions Cloud

What are the merits and demerits of protecting invention : What are the merits and demerits of protecting an invention through a patent instead of a trade-secret law? Analyze and evaluate the various issues presented while arguing and debating the connections between business, law, politics, and ethics.
Forecast demand for emergency services in the facility : The manager of a small health clinic would like to use exponential smoothing to forecast demand for emergency services in the facility. However, she is not sure whether to use a high or low value of α. For both alpha values, enter exponential smoothi..
Differential equations with constant coefficients : For the three-cart system illustrated in Figure AP2.5, obtain the equations of motion. The system has three inputs u1, u2, and u3 and three outputs x1, x2, and x3, Obtain three second-order ordinary differential equations with constant coefficients..
What are the capital balances of each partner : What are the capital balances of each partner after the admission of the new partner?
What are the capital balances of each partner : What are the capital balances of each partner after the admission of the new partners?
Do you think google has a serious public relations problem : On balance, do you think Google has a serious public relations problem?
Consider the hanging crane structure : Consider the hanging crane structure in Figure AP2.6. Write the equations of motion describing the motion of the cart and the payload. The mass of the cart is M, the mass of the payload is m, the massless rigid connector has length L, and the fric..
Determine factor of safety relative to shear stress theory : A component with a radius transition is attached to a rigid wall at point A. Determine the factor of safety relative to the maximum shear stress theory of the proposed material if it's yield strength is 90 MPa
What was the average revenue per partner : Why might the amount to be contributed by a new partner for admission to the firm exceed the amount determined in (b)?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Parts that make up the sign like the pole

When people think of the Gestalt theory the thought that comes to mind is the first thing that comes to mind. You name something like a sign and simply think the sign when there are other parts that make up the sign like the pole and various othe..

  Boring is subject to a 39 percent marginal tax rate if

the boring corporation is currently valued at 1151 million but management wants to completely pay off its perpetual

  The srane company has contacted trell with an offer to

the srane company has contacted trell with an offer to sell it 5000 wickets for 36 each. if trell makes the wickets

  False regarding the interest rate used in npv calculations

Which of the following statements is false regarding the interest rate used in NPV calculations? a. Some companies use their cost of capital as the discount rate.

  Effects on the accounts and financial statements

Illustrate the effects on the accounts and financial statements of the January 29 and May 31 transactions and what is the total amount invested by all stockholders as of May 31?

  A building acquired at the beginning of the year at a cost

q 1 a building acquired at the beginning of the year at a cost of 485000 has an estimated residual value of 75000 and

  Affinity toasters produces top-quality bagel and bun

affinity toasters produces top-quality bagel and bun toasters.the jessie princess production process requires four

  Research ways of optimizing data organization

Using the Argosy University online library resources and the Internet, research ways of optimizing data organization

  What entry is required by the partnership

Shivers, with the consent of Zhao, sells one-third of his interest to Theresa Pepin. What entry is required by the partnership if the sales price is.

  Describe the accounting entry for a stock dividend

Describe the accounting entry for a stock dividend, if any. Describe the accounting entry for a stock split, if any.

  Km ries tere bax and josh thomas invested 36000 52000 and

kim ries tere bax and josh thomas invested 36000 52000 and 60000 respectively in a partnership. during its first

  At december 31 2006 the following information in thousands

at december 31 2006 the following information in thousands was available for sunglasses manufacturer sunglass inc.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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