Douglas pays Selena $46,100 for her 26% interest in a partnership with net assets of $128,900....
Douglas pays Selena $46,100 for her 26% interest in a partnership with net assets of $128,900. Following this transaction, Douglas's capital account should have a credit balance of
a.$46,100
b.$128,900
c.$11,986
d.$33,514
Homework Answers
| Net assets of partnership | 128900 |
| X Interest in partnership | 26% |
| Douglas's capital account credit balance | 33514 |
| Option D $33,514 is correct |
Add Answer to:
Douglas pays Selena $46,100 for her 26% interest in a
partnership with net assets of $128,900....
(26) Assume that the capital of an existing partnership is $130,000 and that existing assets are...
(26) Assume that the capital of an existing partnership is $130,000 and that existing assets are overvalued by $10,000. If an incoming partner acquires a 25% interest in the partnership for $37,000, good will traceable to the incoming partner is -a. $2,250 b. $9,667 c. $3,000 d. $5,000 (27) If an existing partner withdraws from a partnership, a. his or her interest may be sold to the partnership or an individual partner. b. the consideration received for that partner's interest...
Lily is selling her entire 50% partnership interest in the Lilac Partnership. Lilac’s assets consist solely...
Lily is selling her entire 50% partnership interest in the Lilac Partnership. Lilac’s assets consist solely of an item of depreciable equipment with a fair market value of $2,000, and Lily is selling her partnership interest for $1,000. The original cost to the partnership for the equipment is $3,000 and the partnership has taken $1,400 of depreciation. Which of the following statements is true? Question 1 options: 1) The sale gives rise to an ordinary gain of $200 for Lily....
Requirements 1. Journalize the contributions of Douglas and Geringer to the partnership. 2. Prepare the partnership...
Requirements 1. Journalize the contributions of Douglas and Geringer to the partnership. 2. Prepare the partnership balance sheet at December 31, 2018 PrintI Done nd then click Check Answer Clear All Data Table 0 7,000 S 7,000一一5 6,000-s 6,000'-- Accounts Receivable Merchandise Inventory Plant Assets, Net Total Assets Liabilities and Owner's equity Accounts Payabie Other Accrued Payables Notes Payable Douglas, Capital Geringer Capital Total Liabilities and Owner's Equity 25,00023,00010,0008,000 36,000 36,000 49,00053,000 $205,000 $179,000 $ 101,000 $ 103,000 56.000 117.000...
You are assisting your client, Selena Hermione with her retirement planning Selena would like to have...
You are assisting your client, Selena Hermione with her retirement planning Selena would like to have retirement income of 85% of her current salary of $120,000 Selena is currently 30 years from retirement and is planning for 20 years in retirement She currently has a retirement fund of $250,000 You are allowing fo inflation of 2.5% annually and expect to earn an 8% after-tax return Please work through the questions below determine how much Selena should save annually toward retirement....
Danks, Vickerman and Walter are liquidating their partnership. Before selling the assets and paying the liabilities,...
Danks, Vickerman and Walter are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances areDanks $46,000;Vickerman,$29,000; and Walter,$21,000.The profit-and-loss-sharing ratio has been 2:2:1 for Danks,Vickerman,and Walter, respectively. The partnership has $76,000 cash,$42,000 non-cash assets, and $22,000accounts payable. Requirement 1. Assuming the partnership sells the non-cash assets for $52,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss onliquidation, the payment of the outstanding liabilities, and the distribution of remaining...
The ABC equal partnership has the following balance sheet: Assets &n
The ABC equal partnership has the following balance sheet: Assets Partners’ Capital A.B. F.M.V. A.B. F.M.V. Cash $6,000 $6,000 A $3,000 $6,000 Accounts Receivable 0 3,000 B 3,000 6,000 Capital Asset 3,000 9,000 C 3,000 6,000 $9,000 $18,000 $9,000 $18,000 The partnership distributes the accounts receivable to A in an operating distribution. After the distribution, A has one-fifth interest worth $3,000 in the remaining partnership assets. What results to A, B, C and...
Following is the current balance sheet for a local partnership of doctors: Cash and current assets...
Following is the current balance sheet for a local partnership of doctors: Cash and current assets $ 37,000 Liabilities $ 44,000 Land 152,000 A, capital 24,000 Building and equipment (net) 141,000 B, capital 44,000 C, capital 94,000 D, capital 124,000 Totals $ 330,000 Totals $ 330,000 The following questions represent independent situations: E is going to invest enough money in this partnership to receive a 20 percent interest. No goodwill or bonus is to be recorded. How much should E...
Following is the current balance sheet for a local partnership of doctors: Cash and current assets...
Following is the current balance sheet for a local partnership of doctors: Cash and current assets $ 50,000 Liabilities $ 90,000 Land 290,000 A, capital 70,000 Building and equipment (net) 220,000 B, capital 90,000 C, capital 140,000 D, capital 170,000 Totals $ 560,000 Totals $ 560,000 The following questions represent independent situations: E is going to invest enough money in this partnership to receive a 20 percent interest. No goodwill or bonus is to be recorded. How much should E...
2. 1. The partnership contract of A and B provides that net income or losses are...
2. 1. The partnership contract of A and B provides that net income or losses are to be distributed in the ratio of partner's capital account balances. The appropriate interpretation of this provision is that net income or losses should be distributed in: a. The ratio of the beginning capital account balances b. The ratio of the average capital account balances C. The ratio of ending capital account balance d. One of the foregoing methods to be specified by partners...
26. In admission of a new partner by investment, bonus is recorded when A total agreed...
26. In admission of a new partner by investment, bonus is recorded when A total agreed capital is less than total contributed capital B. total agreed capital is equal to total contributed capital and the capital credit of the new parner s greater than his capital contribution C. total agreed capital is equal to total contributed capital. D. total agreed capital is equal to total contributed capital and the capital credit of the old partners is equal to their capital...
(26) Assume that the capital of an existing partnership is $130,000 and that existing assets are overvalued by $10,000. If an incoming partner acquires a 25% interest in the partnership for $37,000, good will traceable to the incoming partner is -a. $2,250 b. $9,667 c. $3,000 d. $5,000 (27) If an existing partner withdraws from a partnership, a. his or her interest may be sold to the partnership or an individual partner. b. the consideration received for that partner's interest...
Requirements 1. Journalize the contributions of Douglas and Geringer to the partnership. 2. Prepare the partnership balance sheet at December 31, 2018 PrintI Done nd then click Check Answer Clear All Data Table 0 7,000 S 7,000一一5 6,000-s 6,000'-- Accounts Receivable Merchandise Inventory Plant Assets, Net Total Assets Liabilities and Owner's equity Accounts Payabie Other Accrued Payables Notes Payable Douglas, Capital Geringer Capital Total Liabilities and Owner's Equity 25,00023,00010,0008,000 36,000 36,000 49,00053,000 $205,000 $179,000 $ 101,000 $ 103,000 56.000 117.000...
2. 1. The partnership contract of A and B provides that net income or losses are to be distributed in the ratio of partner's capital account balances. The appropriate interpretation of this provision is that net income or losses should be distributed in: a. The ratio of the beginning capital account balances b. The ratio of the average capital account balances C. The ratio of ending capital account balance d. One of the foregoing methods to be specified by partners...
26. In admission of a new partner by investment, bonus is recorded when A total agreed capital is less than total contributed capital B. total agreed capital is equal to total contributed capital and the capital credit of the new parner s greater than his capital contribution C. total agreed capital is equal to total contributed capital. D. total agreed capital is equal to total contributed capital and the capital credit of the old partners is equal to their capital...
Most questions answered within 3 hours.
-
The electron configurations for H2+ and H2
are σg1s and σg21s respectively.
Which will have the...
asked 17 seconds from now -
a
concert loudspeaker suspended high off the ground emits 50 W of
sound power.
what is...
asked 1 minute from now -
Can you suggest a way for accurately measuring the focal length
of a diverging lens without...
asked 3 minutes ago -
On January 1, 2017, Ellison Co. issued eight-year bonds with a
face value of $3,000 and...
asked 8 minutes ago -
1. Think of an example (from your life, someone you
know, a film, or just invented)...
asked 18 minutes ago -
Identity an industry and explain how they do or could benefit
from having better data quality...
asked 23 minutes ago -
Based on the relationship between basicity and leaving group
abilities, which of the following classes of...
asked 26 minutes ago -
A 3/2 valve represents
a.
3 or 2 ports.
b.
3 or 2 positions.
c.
3...
asked 29 minutes ago -
Give a current example of subordinate group and explain what
makes this group a subordinate one....
asked 41 minutes ago -
Identify an issue of cultural conflict (different from question
two) and the persuaders who are involved....
asked 31 minutes ago -
The three phases of the Calvin cycle are: 1. Carbon fixation. 2.
Reduction. 3. Regeneration of...
asked 49 minutes ago -
Two particles with different charges are on the same
equipotential line. Do these particles have the...
asked 47 minutes ago