S. Noble and T. Wells share income on a 6 : 4 basis. They have capital balances
Question:
Instructions
Prepare the journal entry to record the admission of W. Trinity under each of the following assumptions.
(a) Investment of $90,000 cash for a 30% ownership interest with bonuses to the existing partners.
(b) Investment of $50,000 cash for a 30% ownership interest with a bonus to the new partner.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
a Cash 90000 S Noble Capital 610 X 12000 7200 T Wells Capital 410 X 12000 4800 W ...View the full answer
Answered By
Deepak Pal
Hi there! Are you looking for a committed, reliable, and enthusiastic tutor? Well, teaching and learning are more of a second nature to me, having been raised by parents who are both teachers. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students. Areas of interest: Business, accounting, Project management, sociology, technology, computers, English, linguistics, media, philosophy, political science, statistics, data science, Excel, psychology, art, history, health education, gender studies, cultural studies, ethics, religion. I am also decent with math(s) & Programming. If you have a project you think I can take on, please feel welcome to invite me, and I'm going to check it out!
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
G. Olde and R. Young share income on a 6 : 4 basis. They have capital balances of $100,000 and $70,000, respectively, when K.Twener is admitted to the partnership. Instructions Prepare the journal...
-
Hayley Hollis is admitted to the partnership of Rose & Novak. Prior to her admission, the partnership books show Greta Roses capital balance at $170,000 and Chris Novaks at $85,000. Requirements 1....
-
Hadley Harris is admitted to the partnership of Reamey & Nedia. Prior to her admission, the partnership books show Gabby Reamey's capital balance at $100,000 and Carlos Nedia's at $50,000. Assume...
-
Consider the energy sector consisting of J firms where energy producers are characterized by their cost functions C j (x j ,e j ). The firms are subject to an emission trading system with a total...
-
When is a home equity loan better than refinancing a first mortgage?
-
Suppose you own IBM, which is currently trading at 125. A put on IBM, struck at (K=) 125 and expiring in 1 year, costs $12.50. What does a call with a similar strike cost? What is this called?
-
Use the NBA PER data introduced in Problem 8.21 and consider the model found in part $\mathrm{c}$ of that problem. There are some potential outliers in the data (the first observation is an obvious...
-
A diet center claims that it has the most effective weight loss program in the region. Its advertisements say, Participants in our program lose more than 5 pounds within a month. Six clients of this...
-
Solve 2 (76 +8)
-
Washington Theater System entered into a three-year agreement with a local civic organization such that the organization would provide 5,000 of its patrons each month with a special ticket to attend...
-
K. Gillan, C. Coduri, and C. Tate share income on a 5 : 3 : 2 basis. They have capital balances of $30,000, $26,000, and $18,000, respectively, when Cap Harkness is admitted to the partnership....
-
N. Clark, C. Camille, and C. Eccleston have capital balances of $50,000, $40,000, and $32,000, respectively. Their income ratios are 5 : 3 : 2. Eccleston withdraws from the partnership under each of...
-
Describe the transactional-selling tactics that emphasize low price, and give some examples.
-
The relative acidity of compounds is influenced by factors including periodic trends, resonance, inductions, and orbital. For each case below there are blue - highlighted protons. Indicate which is...
-
What is the chemical formula of fructose? Have a look at the molecular structure. a) C5H206 b) CHO5 c) C6H2O5 d) C6HO6
-
Consider the structure of pyridine, a base. Z: Modify the structure to draw the conjugate acid. Add or delete atoms, bonds, charges and non-bonding electrons where appropriate. Select Draw Templates...
-
1. a) What is the frequency of a light that has a wavelength of 532 nm? b) Calculate the energy of a photon of light with a wavelength of 532 nm. 2. Consider the transition of the electron in the...
-
use nomenclature of complex ions. i ) What is the name for each of the following complex ions: a ) [ Fe ( H 2 O ) 3 ( NH 3 ) 2 NO ] 2 + b ) [ Ni ( CO ) 4 ] 2 + c ) [ Fe ( CN ) 6 ] 3 - d ) [ Co ( H 2...
-
What is compensation administration? What does it entail?
-
Write a paper detailing a geographic information system (GIS) of your own design that would utilize data in an original manner.
-
The pH of a solution is 8. (a) What is the H 3 O + concentration? (b) What is the OH concentration? (c) Is this solution acidic or basic?
-
Rondeli Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Rondeli Company...
-
Rondeli Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Rondeli Company...
-
Wilbury Company manufactures a nutrient, Everlife, through two manufacturing processes: Blending and Packaging. All materials are entered at the beginning of each process. On August 1, 2012,...
-
LaToya Limmons is the manager of the Human Resources (HR) department and Javier Jartin is the manager of the sales department for a production company headquartered in the United States but also has...
-
The beam AD is fixed to a rigid wall at A and is supported by props at B and C as shown in figure 1. In sections AB and BC, the flexural rigidity is EI, but in section CD the flexural rigidity is...
-
What is the meaning of 'framing' and how does it impact the way we negotiate? (Your own opinion)
Study smarter with the SolutionInn App