Julie Eader, Tami DeBurgo, and Abby Ellamar are partners who share losses and gains in a ratio of 2:2:1. Their capital balances are $5,300, $7,200, and $4,400, respectively. The partners are anxious to have Tami retire and have paid her $11,400. Give the journal entry to record the payment to Tami along with the absorption of the amount over book equity by Julie and Abby on July 31, 201X.
Answer to relevant QuestionsL. Wade, V. Sadler, and E. Racca are partners with capital balances of $88,000, $83,000, and $69,000, respectively. Racca sells his interest in the company for $91,000 to P. Solvay. Wade and Sadler have consented to the new ...L. Waddell, V. Slye, and E. Rothe are partners with capital balances of $89,000, $82,000, and $68,000, respectively. Rothe sells his interest in the company for $90,000 to P. Skou. Waddell and Slye have consented to the new ...Bob North and Whitney Ahern are partners with capital balances of $1,300 and $800, respectively. They share all profits and losses equally. From the following independent situations, journalize the admission of the new ...On July 10, 201X, Quincy Corporation issued 2,400 shares of common stock with a par value of $104 in exchange for equipment with a fair market value of $328,000. Journalize the appropriate entry.The following is the Paid-In Capital section of stockholders’ equity for the Gracie Corporation on June 1, 201X:Paid-In Capital:Preferred Stock, $98 par, authorized 23,000 shares, 4,500 shares issued ..... $ 441,000Paid-In ...
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