Mitch Holtus and Stan Weber are partners in a company called Sports Voice. Greg Sharp has approached the partners about joining the company, and he wants to buy a 20 percent interest in the company. Sports Voice has $ 80,000 in liabilities. Holtus has a capital balance of $ 108,000; Weber’s capital balance is $ 92,000. They share profits and losses equally. How much money will Sharp have to con-tribute to the company to obtain a 20 percent interest?
Answer to relevant QuestionsThe Melano Corporation was authorized to issue 1,000,000 shares of $ 1 par common stock and 100,000 shares of $ 100 par, 10 percent cumulative preferred stock. To date, Melano has issued 300,000 shares of common stock and no ...Describe the carrying value shown on the budgeted balance sheet over the life of a periodic and lump-sum payment note. Kerby Company will issue a $ 400,000, five-year, 7 percent periodic and lump- sum payment note when the market interest rate is 8 percent. The face rate of interest is paid semiannually. Determine the amount of cash the ...Klamm Company needs to borrow $ 200,000. It plans to sign an installment note with a 6 percent interest rate and make monthly payments for the next eight years. How much is the monthly payment required? How much of the first ...Larkins is planning to issue debentures with a face value of $1,000,000 on September 1, 2011. The debentures mature in 10 years and have a face interest rate of 8 percent that is paid semiannually on March 1 and September 1 ...
Post your question