In Decker Co., capital balances are Menke $40,000 and Hibbett $50,000.The partners share income equally. Kosko is

Question:

In Decker Co., capital balances are Menke $40,000 and Hibbett $50,000.The partners share income equally. Kosko is admitted to the firm with a 45% interest by an investment of cash of $52,000. Journalize the admission of Kosko.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Question Posted: Sep 13, 2011 08:47 AM

See More Questions

Following is the balance sheet of the BDO Partnership: The partners share income 40:40:20, respectively. Assume that 70% of the receivables are collected and that inventory with a book value of...
Multiple Choice Questions 1. An investment of cash into the business will a. Decrease total liabilities. b. Decrease total assets. c. Have no effect on total assets. d. Increase stockholders equity....
(Multiple Choice) 1. An investment of cash into the business will a. decrease total liabilities. b. decrease total assets. c. have no effect on total assets. d. increase stockholders equity. 2....
Audrey has recently purchased a home with a $325,000 mortgage. She opted for monthly payments, a term of 5 years at a rate of 3.2%, and an amortization period of 25 years. Had Audrey chosen, instead,...
Cassidy Concrete Corp. acquired 20% of Enda Inc.'s common shares on January 1, 2018, by paying $6 million for 200,000 shares. Enda declared a $0.50-per-share cash dividend, which Cassidy received on...
Based on the case : Polaris & Victory: Entering and Growing the Motorcycle Business Explain: 1- External Environment 2- General Environment 3- Menneto knew his bikes were good, but had they been...
Consider the monetary approach to exchange rates (MAER) model given in Equation 15.19. Suppose that each of the domestic hat variables in that equation is growing at exactly the same rate as its...
Duckworth Corporation purchases an 80% interest in Panda Corporation on January 1, 2013, in exchange for 5,000 Duck-worth shares (market value of $18) plus $155,000 cash. The fair value of the NCI is...
5. Design a direct-mapped cache structure. The cache has the capacity of 8kB (kilo-byte), assuming 1 block is 512 bytes, and 1 valid bit, 1 tag bit. Calculate (S, E, B, m), draw and explain the cache...
N 1 A New Kind of Structure Admit it. Sometimes the projects you're working on (school, work, or both) can get pretty boring and monotonous. Wouldn't it be great to have a magic button you could push...
Alpha Co. capital balances are: Ace $30,000, Bly $25,000, and Cox $20,000. The partners share income equally. Day is admitted to the firm by purchasing one-half of Coxs interest for $13,000....
Capital balances in Midway Co. are Messer $40,000, Isch $30,000, and Denny $18,000. Messer and Isch each agree to pay Denny $12,000 from their personal assets. Messer and Isch each receive 50% of...
Assume the equilibrium mole fractions of oxygen and nitrogen are close to those in air. Find the equilibrium mole fraction for NO at 5400 R, 75 psia, disregarding dissociations.
You believe that household income in a country has a mean of around $40,000 with a standard deviation of about $30,000. How large a sample should you take if you want the width of a 95 percent...
Martinez Company incurred the following costs during 2015 in connection with its research and development activities. Instructions Compute the amount to be reported as research and development...
The American Coinage Act of 1792 specified that a gold $10 eagle coin contain 247.5 grains of pure gold. In 1837, Congress passed a law stating that there would be an annual test of 1 coin and 1,000...
The text reports a 95 percent confidence interval for the looseness coefficient for high-stakes Internet poker players to be 25.53 1.18. Explain why you either agree or disagree with these...
Researchers once reported that 19691990 California mortality data show that Chinese- Americans are particularly vulnerable to four diseases that Chinese astrology and traditional Chinese medicine...
Which of the following countries are located on the Mediterranean Sea? a. Italy b. Croatia c. Turkey d. France e. Portugal
A genetically engineered strain of Escherichia coli (E. coli) is used to synthesize human insulin for people suffering from type I diabetes mellitus. In the following simplified reaction scheme,...
Evaluate using trigonometric substitution. Refer to the table of trigonometric integrals as necessary. S x dx 9 - x
What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?
The financial statements of Zetar plc are presented in Appendix C. The companys complete annual report, including the notes to its financial statements. Instructions Use the companys annual report to...
A companys net income appears directly on the income statement and the retained earnings statement, and it is included indirectly in the companys balance sheet. Do you agree? Explain.
Assume that management wants wage concession from its counterpart labor union. Explain why this often leads to disputes. Suppose management gives up some of its future negotiating power by subjecting...
Why have you chosen this nursing Field of Specialization or Major? What influenced you in selecting your intended major of study and what goal(s) have you set for the future?
What are logical fallacies and how can they affect our decision-making?

In Decker Co., capital balances are Menke $40,000 and Hibbett $50,000.The partners share income equally. Kosko is

Question:

Step by Step Answer:

Cash 52000 Menke Capital 50 11...View the full answer

Accounting Principles

Students also viewed these Accounting questions