= Hornes is admitted to the partnership of Rose & Novak. Prior to Hornes' admission, the...

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= Hornes is admitted to the partnership of Rose & Novak. Prior to Hornes' admission, the partnership books show Rose's capital balance at $170,000 and Novak's at $85,000. Assume Rose and Novak share profits and losses equally. Read the requirements. Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. Begin by computing the partner's equity base for plan a. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. (Enter a share for each partner. Complete all input fields. For accounts with a $0 balance, make sure to enter "0" in the a field. Enter negative amounts with a parentheses or minus sign.) Plan A Plan A: Partnership capital before admission of Hornes Plan A: Effect on capital balance as a result of admission of Hornes Rose Novak Hornes Requirements - X Plan A: Partnership capital after admission of Hornes b. Hornes contributes $85,000 to acquire a 1/4 interest in the partnership. Compute each partner's equity. (Enter a share for each partner. Com Plan B Plan B: Partnership capital before admission of Hornes Rose Novak Hornes 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. b. Hornes contributes $85,000 to acquire a 1/4 interest in the partnership. c. Hornes contributes $145,000 to acquire a 1/4 interest in the partnership. 2. Journalize the entries for admitting the new partner under plans a, b, and c. Plan B: Effect on capital balance as a result of admission of Hornes Plan B: Partnership capital after admission of Hornes c. Hornes contributes $145,000 to acquire a 1/4 interest in the partnership. Compute each partner's equity. (Enter a share for each partner. Co Plan C Plan C: Partnership capital before admission of Hornes Plan C: Effect on capital balance as a result of admission of Hornes Rose Novak Hornes Print Done Plan C: Partnership capital after admission of Hornes Requirement 2. Journalize the entries for admitting the new partner under plans a, b, and c. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. Date Accounts and Explanation h Horne contributor 25 000 to acquire 1/4 interest in the nortnerchin Debit Credit Time Remaining: 00:36:52 = Hornes is admitted to the partnership of Rose & Novak. Prior to Hornes' admission, the partnership books show Rose's capital balance at $170,000 and Novak's at $85,000. Assume Rose and Novak share profits and losses equally. Read the requirements. Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. Begin by computing the partner's equity base for plan a. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. (Enter a share for each partner. Complete all input fields. For accounts with a $0 balance, make sure to enter "0" in the a field. Enter negative amounts with a parentheses or minus sign.) Plan A Plan A: Partnership capital before admission of Hornes Plan A: Effect on capital balance as a result of admission of Hornes Rose Novak Hornes Requirements - X Plan A: Partnership capital after admission of Hornes b. Hornes contributes $85,000 to acquire a 1/4 interest in the partnership. Compute each partner's equity. (Enter a share for each partner. Com Plan B Plan B: Partnership capital before admission of Hornes Rose Novak Hornes 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. b. Hornes contributes $85,000 to acquire a 1/4 interest in the partnership. c. Hornes contributes $145,000 to acquire a 1/4 interest in the partnership. 2. Journalize the entries for admitting the new partner under plans a, b, and c. Plan B: Effect on capital balance as a result of admission of Hornes Plan B: Partnership capital after admission of Hornes c. Hornes contributes $145,000 to acquire a 1/4 interest in the partnership. Compute each partner's equity. (Enter a share for each partner. Co Plan C Plan C: Partnership capital before admission of Hornes Plan C: Effect on capital balance as a result of admission of Hornes Rose Novak Hornes Print Done Plan C: Partnership capital after admission of Hornes Requirement 2. Journalize the entries for admitting the new partner under plans a, b, and c. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. Date Accounts and Explanation h Horne contributor 25 000 to acquire 1/4 interest in the nortnerchin Debit Credit Time Remaining: 00:36:52

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Requirement 1 a Hornes pays 100000 for Novaks equity Hornes pays Novak directly Plan A 1 Partnership capital ... View the full answer