The capital accounts of Jonathan Faber and Faheem Ahmad have balances of $150,000 and $110,000, respectively. Lauren
Question:
The capital accounts of Jonathan Faber and Faheem Ahmad have balances of $150,000 and $110,000, respectively. Lauren Wells and Rachel Lee are to be admitted to the partnership. Wells buys one-fifth of Faber’s interest for $35,000 and one-fourth of Ahmad’s interest for $25,000. Lee contributes $70,000 cash to the partnership, for which she is to receive an ownership equity of $70,000.
a. Journalize the entries to record the admission of (1) Wells and (2) Lee.
b. What are the capital balances of each partner after the admission of the new partners?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (13 reviews)
a 1 Jonathan Faber Capital 20 150000 30000 Faheem Ahmad Capital 25 110000 ...View the full answer
Answered By
Mustafa olang
Please accept my enthusiastic application to solutionInn. I would love the opportunity to be a hardworking, passionate member of your tutoring program. As soon as I read the description of the program, I knew I was a well-qualified candidate for the position.
I have extensive tutoring experience in a variety of fields. I have tutored in English as well as Calculus. I have helped students learn to analyze literature, write essays, understand historical events, and graph parabolas. Your program requires that tutors be able to assist students in multiple subjects, and my experience would allow me to do just that.
You also state in your job posting that you require tutors that can work with students of all ages. As a summer camp counselor, I have experience working with preschool and kindergarten-age students. I have also tutored middle school students in reading, as well as college and high school students. Through these tutoring and counseling positions, I have learned how to best teach each age group. For example, I created songs to teach my three-year-old campers the camp rules, but I gave my college student daily quizzes to help her prepare for exams.
I am passionate about helping students improve in all academic subjects. I still remember my excitement when my calculus student received her first “A” on a quiz! I am confident that my passion and experience are the qualities you are looking for at solutionInn. Thank you so much for your time and consideration.
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
A summary of changes in the capital accounts of the Katie, Lynda, and Molly partnership for 2011, before closing partnership net income to the capital accounts, is as follows: REQUIRED: Determine the...
-
A summary of changes in the capital accounts of the Kat, Lyn, and Mol partnership for 2016, before closing partnership net income to the capital accounts, is as follows: REQUIRED: Determine the...
-
The capital accounts of Harrison and Marti have balances of $180,000 and $130,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Harrison invested an...
-
kindly interpret the R squared In order to test its job candidates' technical skills, a company creates a timed Excel test (in minutes) to be completed during the interview. The company asks its...
-
What are the main differences between a traditional and an activity-based make-or-buy analysis?
-
Determine the angle θ between the edges of the sheet-metal bracket. Given: a = 50 mm b = 300 mm c = 250 mm d = 400 mm d.
-
How does encapsulation protect the object from an intruder?
-
Jose Pena and Joseph Antenucci were medical doctors who were partners in a medical practice. Both doctors treated Elaine Zuckerman during her pregnancy. Her son, Daniel Zuckerman, was born with...
-
You placed $6,599 in a savings account today that earns an annual interest rate of 3 percent compounded annually. How much you will have in this account at the end of 2 years?
-
Glavine Corporation manufactures precision equipment made to order for the semiconductor industry. Glavine uses two manufacturing overhead cost pools-one for the overhead costs incurred in its highly...
-
Lily Yuan and Kayla Dunn are partners who share in the income equally and have capital balances of $180,000 and $62,500, respectively. Yuan, with the consent of Dunn, sells one-third of her interest...
-
After the tangible assets have been adjusted to current market prices, the capital accounts of Brandon Newman and Latrell Osbourne have balances of $75,000 and $125,000, respectively. Juan Rivas is...
-
A cylindrical 1045 steel bar (Figure 8.34) is subjected to repeated compression-tension stress cycling along its axis. If the load amplitude is 22,000 N (4950 lbf), compute the minimum allowable bar...
-
Make a business report on the establishment of a new franchisee that was opened by you as the Manager. Also cite why the previous one was closed. Please follow the following format: Introduction...
-
hr s bl tst fr sm rr ss tht urs wth rbblty 1/10000 fr rmly hs rs. f th rs bg tst hs th ss, t wll shw D (whh ms stv) wth rbblty 95/100; f ths rs s t hv th ss, t wll shw D wth rbblty 5/1000: (1) wht...
-
Indicate how each business transaction affects the basic accounting equation. (a) Paid cash for janitorial services. Increase Assets and Increase Stockholders EquityIncrease Assets and Decrease...
-
A US government bond has an annual coupon rate of 3% and a face value of $100. The bond pays semi-annual coupons and has 8 years to maturity. The next coupon will be paid 6 months from now. The...
-
Use the continuous compound interest formula to find the indicated value. a= 6100, r= 8.48% t= 8 years p=___ round to two decimal places Use the continuous compound interest formula to find the...
-
Learn more about the nonverbal messages you send by interviewing someone who knows you well: a friend, family member, or coworker. Ask your interview participant to describe how he or she knows when...
-
Suppose the market is semistrong form efficient. Can you expect to earn excess returns if you make trades based on? a. Your brokers information about record earnings for a stock? b. Rumors about a...
-
Sam will not seek and will not accept the nomination. Translate the word statements in Problems 4149 into symbolic form, using only simple statements as variables. Be sure to indicate the meanings of...
-
The financial statements of Tootsie Roll Industries, Inc., appear in Appendix A at the end of this book. Instructions Answer the following questions using the financial statements and the notes to...
-
The financial statements of The Hershey Company appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A. Assume Hersheys average number of shares outstanding was...
-
The April 27, 2009, edition of the Wall Street Journal Online includes an article by Cari Tuna entitled Corporate Blogs and Tweets Must Keep SEC in Mind. Instructions Read the article and answer the...
-
Victor Korchnoi bought a bond one month before a semi-annual coupon was due. The face value was $10,000 and the coupon rate 8.5%. At the time of purchase there were 34 coupons left and the YTM was 6%...
-
4. Consider a 30-year U.S. Treasury bond paying 4.5 percent coupon, and selling for $1010. What is the yield to maturity? Make sure to show your work. 5. A 30-year U.S. corporate bond with a 6...
-
A project's base case or most likely NPV is $44,000, and assume its probability of occurrence is 50%. Assume the best-case scenario NPV is 65% higher than the base case and assume the worst scenario...
Study smarter with the SolutionInn App