Question: Using the Bonus Method, after the bonus is allocated, what will the balance be in new Partner D's capital account? (do not use dollar signs,

Using the Bonus Method, after the bonus is allocated, what will the balance be in new Partner D's capital account? (do not use dollar signs, decimals or commas; just input the numbers)

Step by Step Solution

★★★★★

3.43 Rating (156 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

When a bonus is paid in partnership cash to a retiring partner the departing partners capital account is debited and any bonus amount is allocated to the remaining partner accounts according to their ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (2 attachments)

635de9f90560b_179933.pdf

180 KBs PDF File

635de9f90560b_179933.docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

The Dobler and Menke Partnership has partner capital account balances as follows: Dobler, Capital $550,000 Menke, Capital 200,000 The partners share income and losses in the ratio of 60% to Dobler...

What can be said about the signs of the numbers a, b, and c in each case? (A) abc >0 (B) ab/c 0 (D) a2/bc

Partner D is a 10 percent general partner in ABCD Partnership. The partnership's financial records for the current tax year reveal the following: Gross receipts from sales . . . . . . . . . . . . . ....

Refer to the information in Exercise 7. In Exercise 7 Required a. Assume that Demron estimates uncollectible accounts as 2% of receivables. Prepare the adjusting entry required on December 31, 2014,...

1===+1. What is important in a capital increase where each shareholder takes his proportionate share of the issue? 1===+2. What is dilution of control? 1===+3. When are there three different measures...

Select the correct answer for each of the following questions. Cash ........... $ 20,000 Other Assets......... 180,000 ................ $200,000 Liabilities ......... $ 50,000 Alex, Capital (40%)...

Given below are account balances for the partnership of Simpson and Scott before the admission of a new partner, Lansing. Each case presents account balances of the partnership immediately after...

Neal, Palmer, and Ruppe are partners in a real estate company. Their respective capital balances and profit-sharing ratios are as follows: Neal wishes to withdraw from the partnership on January 1,...

Bill, George, and Anne are partners in the BGA Partnership. A difference of opinion exists among the partners as to how to account for Newt's admission as a new partner. The three present partners...

Describe the circumstances where neither the goodwill nor the bonus method should be used to record the admission of a new partner.

Variafull Company presented the following data for 2019 and 2020: Cost per unit: Production and Sales (units) Direct materials P13.00 Direct labor 10.00 Variable factory overhead.... 2.00 Selling...

1. This question is about solving a particular linear system in small steps, using two provided functions, elim and backsub. In the upcoming question 2, you will use elim and backsub to write a...

7. All gardeners are industrious people. Furthermore, any person who is industrious is respected. Therefore, since Arthur and Catherine are gardeners, it follows that they are respected. (G, I, P, R)...

The trial balance of Dionnes Boutique at December 31 shows Merchandise Inventory $21,000, Sales $136,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400,...

Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the...

The SEC Form 10-K of NIKE is reproduced in Appendix C. REQUIRED: a. Does NIKE carry investment portfolios in trading and available-for-sale securities? b. Has NIKE exercised the fair market value...

Sergey Company has gathered the information shown below about its product. Direct materials: Each unit of product contains 4.5 pounds of materials. The average waste and spoilage per unit produced...

Hovering over the pit of hell, the devil observes that as a student falls past (with terminal velocity), the frequency of his scream decreases from 842 to 820 Hz. (a) Find the speed of descent of the...

After watching this video please respond as follows: Step 1: Summarize the video (paragraph 1) Step 2: Discuss one topic from the chapter that is demonstrated in this video and the impact this...

Please help me. I submitted these questions to my professor and although #1 was correct, #2 was incorrect. Specifically, she said that the ending balances for problem 2 were not correct and a...

Partner 1 Partner 2 Cash 250,000 1,800,000 Accounts receivable 430,000 1,000,000 Land 1,250,000 - Building 2,000,000 - Accounts payable 330,000 400,000 Notes payable - 500,000 Capital 3,600,000...

Use the following information for the next FIVE items Ch ap te r 1 4 Review Q\" estions The following facts were available about the XY Partnership on January 1# 2016 Percentage Interest in Existing...

In the early part of 2021, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2020 but had never used an accountant's services. Hugh...

PROBLEM 1: TRUE OR FALSE 1. The accounting for the assets and liabilities of a partnership business is different from that of a sole proprietorship or a corporation 2 A partnership is relatively easy...

In the early part of 2021 , the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2020 but had never used an accountant's services. Hugh...