User Account

All Pages

What are the capital balances of each partner

Assignment Help Accounting Basics
Reference no: EM131125817

1. After the tangible assets have been adjusted to current market prices, the capital accounts of Travis Harris and Keelyn Kidd have balances of $60,000 and $90,000, respectively. Felix Flores is to be admitted to the partnership, contributing $45,000 cash to the partnership, for which he is to receive ownership equity of $60,000. All partners share equally in income.

(a) Journalize the entry to record the admission of Flores, who is to receive a bonus of $15,000.

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

Reference no: EM131125817

Questions Cloud

Provide the journal entry for the asset revaluation : Excel Medical, LLC, consists of two doctors, Douglass and Finn, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Lindsey Koster has been asked to join the LLC.
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

Reviews

Write a Review

Accounting Basics Questions & Answers

  Maximizing investor losses

After reviewing the scenario, compare and contrast the at-risk rules and passive activity limits. Discuss the purpose for each, and suggest as least two (2) tax-planning strategies for ensuring that the IRS allows passive losses in order to reduce..

  Prepare a cost of production report for sifting department

Lily Flour Company manufactures flour by a series of three processes, beginning with wheat being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as a pac..

  Based on your current experience as well as any additional

what is a current liability? from the perspective of a user of financial statements why do you believe current

  For 2010 fielder corporation reported net income of 30000

for 2010 fielder corporation reported net income of 30000 net sales 400000 and average shares outstanding of 6000.

  Determining the trend percentages

Big Event Limited's sales, current assets, and current liabilities (all in thousands of dollars) have been reported over the past five years (year 5 is the most recent year):

  Terrel gifts produces logo platters and cups bearing the

terrel gifts produces logo platters and cups bearing the name of the city in which the items will be sold to tourists.

  Calculating the cost per unit for materials

Calculating the cost per unit for materials?

  Problem regarding the decision sciences department

If there is a 50% chance that the repairer will give a satisfactory report, what is EVSI? If the repairer charges $40, what should the decision sciences department do? What is EVPI?

  Shareholders in blackstone

Greystoke, Inc. acquires the assets of Blackstone, Ltd. for its voting convertible preferred stock and assumes liabilities of $60,000. The assets have a basis of $250,000 and a value of $380,000. One of the shareholders in Blackstone trades her ol..

  Earnings trends and normative theory-education

Evaluate how research and normative theory impacts accounting education today and the likely impact that more research may have on the accounting profession.

  Order to collaborated over data and information

There are millions of businesses around the world that have come to realize they need to place the importance of allowing computers to access others in order to collaborated over data and information, as well as software. When they choose to netw..

  Why dividends are sometimes paid out

Identify and discuss the reasons why dividends are sometimes paid out even when the funds could be better reinvested in business or when firm has to tap outside sources to pay the dividends.

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