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 partner. Record the journal entry for the admission of Skou on April 8.
Answer to relevant QuestionsSlocum, Ritzlin, and Herber have capital balances before liquidation of $9,000, $22,000, and $29,000, respectively. Cash balance is $46,000, and the partners share losses and gains in a 3:2:1 ratio. All noncash assets with a ...a. The partnership of Carol and Jack began with the partners investing $6,000 and $4,000, respectively. At the end of the first year, the partnership earned net income of $8,200. Under each of the following independent ...Journalize the entries to record the stock subscription plan for Orange Co. On June 1, Orange received subscriptions for 500 shares of $24 par value common stock at $48 per share. The buyer will pay two equal installments on ...Marble Corporation in its first three years of operation paid out the following dividends:• Year 1: $0• Year 2: $29,000• Year 3: $86,000Given that Marble has 2,900 shares of $104 par 10.0% cumulative, nonparticipating ...From the following partial mixed list, select the appropriate titles and prepare a stockholders’ equity section using the source-of-capital approach as shown in the Blueprint example for Ununoctium Corporation on July 31, ...
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