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 $275,991 for P1, $383,361 for P2, and $203,158 for P3. Among these partners on this date, the income sharing ratios are 40.93% for P1, 37.42% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $162,272 in XYZ 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 P3 on Jan 1 using the ASSET REVALUATION method? O a. $45,051 b. $48,516 Oc $46,206 d. $47,361 e. $49,671 P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $275,991 for P1, $383,361 for P2, and $203,158 for P3. Among these partners on this date, the income sharing ratios are 40.93% for P1, 37.42% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $162,272 in XYZ 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 P3 on Jan 1 using the ASSET REVALUATION method? O a. $45,051 b. $48,516 Oc $46,206 d. $47,361 e. $49,671
Expert 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?
-
Calculate the Total Cost of Ownership of the following 2 models and determine which model is a better buy. Model X Model Y $50,000 $60,000 Purchase price = Expected useful life = Maintenance cost per...
-
Identify five ways that a persons hands can send a message. Briefly discuss each.
-
In 2023, I & T Corporation reported net income of $8.6 million, and declared and paid preferred share dividends of $3.2 million. During 2023, I & T had a weighted average of 900,000 common shares...
-
A hot-air balloon roughly spherical in shape has a volume of 70,000 \(\mathrm{ft}^{3}\) and a weight of \(500 \mathrm{lb}\) (including passengers, basket, balloon fabric, etc.). If the outside air...
-
On December 31, 2010, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common...
-
The Offline Impact of Online Ads-The Harvard Business Review article-https://services.hbsp.harvard.edu/api/courses/1087075/items/F0804H-PDF-ENG/sclinks/5f6f170df4f4c8c9f395f8a4f24d243a What is the...
-
State Banks balance sheet is listed below. Market yields and durations (in years) are in parenthesis, and amounts are in millions. a. What is State Banks duration gap? b. Use these duration values to...
-
Research "Collaborative Leadership Compared to Directive Leadership," and write a paper on the topic. Collaborative leadership is a style practiced by leaders who recognize the importance of...
-
On 1 January 2019, Good Ltd acquired a block of land for $100 000 cash, and on the same day Better Ltd purchased the adjacent block, which was virtually identical to the block purchased by Good Ltd,...
-
At 30 June 2020, Ting Sun Electronics adjusted its Provision for Warranties so that it would be equal to 5% of sales for the year ended on that date. Sales for the year ended 30 June 2020 were $1 600...
-
At 30 June 2019, the financial statements of McMaster Ltd showed a building with a cost of $300 000 and accumulated depreciation of $152 000. The business uses the straightline method to depreciate...
-
It has been found in past research studies that employees who are allowed to telecommute actually work approximately three extra unpaid hours a week. But telecommuting is often used as a negotiating...
-
On 1 July 2019, Chadstone Ltd purchased a motor vehicle which is estimated to have a $6000 residual value and a useful life of 4 years. On 1 July 2021, the company purchased plant and equipment which...
-
The bank used by Seyvani Enterprises handles $1.02 million incollections each day and requires a $750,000 compensating balance.Seyvani is considering dividing its business between two banks,each of 2...
-
Describe a job you have had in the past or a job you are very familiar with. Indicate the negative aspects of the job and how it could be improved with current human resource management techniques.
-
Prove formula (9.43). Fix s and prove that, as functions of t, both sides of the equation define matrix solutions with the same initial conditions. Then use uniqueness.
-
Prove that two parallel vectors v and w have the same norm if and only if v = w.
-
(i) Show the equivalence of the Euclidean norm and the 1 norm on Rn by proving ||v||2 ||v|| n ||v||2. (ii) Verify that the vectors in Exercise 3.3.31 satisfy both inequalities. (iii) For which...
-
What percentage of the 9,449 survey respondents live in the Eastern part of the county?
-
(a) What percentage of those not completing high school were females? (b) What percentage of those not completing high school were males? (c) What percentage of those completing high school were...
-
Which county region has the largest percentage of respondents?
Study smarter with the SolutionInn App