P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $177,495 for P1. $246529 for P2, and $130,654 for P3. Among these partners on this date, the income sharing ratios are 33.25% for P1, 45.10% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $104,360 in XVZ Inc for a one-fifth 20%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P1 on Jan 1 using the BONUS method? O a. $8,898 O b. $9.354 . $9,811 O d. $9,583 O e $9,126 P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $177,495 for P1. $246529 for P2, and $130,654 for P3. Among these partners on this date, the income sharing ratios are 33.25% for P1, 45.10% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $104,360 in XVZ Inc for a one-fifth 20%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P1 on Jan 1 using the BONUS method? O a. $8,898 O b. $9.354 . $9,811 O d. $9,583 O e $9,126
Expert Answer:
Answer rating: 100% (QA)
P1 Capital 177495 Add P2 Capital 246529 Add P3 Capital 130654 ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
How much heat will be evolved when 20.0 grams of the binary covalent hydride HF is produced via the following reaction? F2(g) + H2(g) 2HF(g) H = 545 kJ
-
How much interest will be due at maturity for each of the following interest-bearing notes? Principal Months to Maturity a. $10,000 b. 42,00 18,000 37,000 Annual Interest Rate 12% 14 13 C. 4 d.
-
How much money will be distributed in all to common stockholder?
-
XYZ Co. It is currently trading at $5 per share and has announced a $0.50 per share dividend payable next year. Using historical information, one analyst estimates XYZ Co.'s dividend growth rate is...
-
What is the key to creating cross-functional teams in which team members put the good of the team ahead of functional self-interest?
-
Discuss the significance of application-aware backup solutions in ensuring consistent backups and facilitating granular recovery of application data. How do these solutions address the challenges...
-
Fill in the Blanks. In finite difference methods, approximations are used for ______________ .
-
Easton Co. produces its product through a single processing department. Direct materials are added at the start of production, and direct labor and overhead are added evenly throughout the process....
-
Five relevant types of power include: coercive, legitimate, reward, referent, and expert. What power do you think you would find most motivating in the workplace? Why? Include an example in your...
-
For the circuit in Fig. 2.95, determine i1 to i5. Figure 2.95 For Prob. 2.31 3 ( 2 --> i 13 12 40 V
-
In 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $500,000 (married filing jointly). Sheryl did not provide more than half her own support....
-
Give some thought to the term national standard of care. What do you think it means, from both a healthcare quality and legal (i.e., evidentiary) perspective? Are you aware of any national...
-
The clawback provision is controversial and highlights some of the tensions concerning state flexibility and national uniformity that policymakers face when designing public programs. The clawback...
-
List four ways that minerals can form.
-
If you drink too much ocean water you will die of dehydration. Explain how this is so.
-
Why must aquifers consist of material that has both high permeability and high porosity?
-
Overview of task: Country Malaysia Part A: Diagnostics (macroeconomics data collection and interpretations) Country: Malaysia Indicator 1: XXXX Task: You apply knowledge to the macroeconomics data...
-
QUESTION 2 The CEO of Farisha Hijab Sdn Bhd insisted on further investigation to be carried out that he also required Mr Muaz to conduct the analysis of variance for the material and labour of the...
-
Let (i). Write down necessary and sufficient conditions on the entries a, b, c, d that ensures that A has only real eigenvalues. (ii).Verify that all symmetric 2 2 matrices satisfy your conditions....
-
Compute the 1, 2, 3 and oo norms of the vectors Verify the triangle inequality in each case. (C) ()
-
Let A and B be similar matrices, so B = S-l A S for some nonsingular matrix S. (a) Prove that A and B have the same characteristic polynomial: pB(λ) = pA(λ). (b) Explain why...
-
A vertical cylinder containing helium gas is filled with a piston of \(50 \mathrm{~kg}\) mass and crosssectional area of \(0.025 \mathrm{~m}^{2}\). If the atmospheric pressure outside the cylinder is...
-
The Joule-Thomson coefficient for any gas at inversion point is (a) 1 (b) 0 (c) 2 (d) 3
-
For an ideal solution, isotherm on an enthalpy-concentration diagram will be (a) Parabola (b) Hyperbola (c) Sine curve (d) Straight line
Study smarter with the SolutionInn App