FREE Trial

X and Y has capital balances of 150,000 and 180,000 respectively. Z is to invest 60,000 for 15% in the

This problem has been solved!
Do you need an answer to a question different from the above? Ask your question!

Question:

  1. X and Y has capital balances of 150,000 and 180,000 respectively. Z is to invest 60,000 for 15% in the partnership interest and also in profits and losses. There is an undistributed net income in the amount of 80,000. Partners X and Y share profits and losses 65:35. 

  3. How much is the capital credit of Z upon his admission?
  4.  How much is the bonus to partner X from partner Z?
  5.  Assume that an equipment is overvalued, how much is the share of partner Y in the overvaluation of the equipment?

Expert Answer:

Answer rating: 100% (QA)

Capital credit of Z upon his admission The capital credit of Z upon his admission is equal to View the full answer


answer-question
Related Book For  answer-question
Fundamentals of Financial Management

Fundamentals of Financial Management

ISBN: 978-0324597707

12th edition

Authors: Eugene F. Brigham, Joel F. Houston

See More Books
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Posted Date: September 24, 2023 06:43:02
See More Questions

Students also viewed these accounting questions

Q:
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
A:
phase 1 Doesn t everyone At fourteen I began working at Crazy Eddie as a stock boy in 1971 I started off by stealing cash and inflating insurance loss claims This was how the firm operated and I never......
Q:
1. Betty contributed property with a $40,000 basis and fair market value of $85,000 to the Rust Partnership in exchange for a 50% interest in partnership capital and profits. During the first year of...
A:
The detailed answer for the above question is provided below 1 b 72 000 2 e None of the above 3 d 50 000 of ordinary income 4 b 120 000 5 c 37 500 6 b 45 000 7 b 40 000 8 b 35 400 loss 4 600 basis 9 c......
Q:
On January 1, 2019, Jay and Dee, owners of a single proprietorship business decide to consolidate their businesses into a partnership to which they agreed to contribute 40% and 60%, respectively for...
A:
Unadjusted Capital balance of Jay 198 000 00 The unadjusted capital balance of Dee 205 000 00 The to......
Q:
Danis Inc is an American firm. The company will receive 626,000 British pounds (GBP) from one of its trading partners in 30 days. The company has obtained an analyst report for possible foreign...
A:
Answer There is a 39 probability that hedging using the forward contract will result in more U S dol......
Q:
Jason Chain Saws, Inc., had poor internal control over its cash transactions. Facts about the companys cash position at April 30 are described below. The accounting records showed a cash balance of...
A:
a Corrected bank reconciliation for April Balance per bank statement April 30 14 300 Add Deposit in......
Q:
The accounting records of Baddour Company provided the data below. Prepare a reconciliation of net income to net cash flows from operating activities. Net loss ............ $ 5,000 Depreciation...
A:
reconciliation of net income to Net Cash flows from operating activities Net lo......
Q:
Fraud auditors should be equally concerned with liabilities being overstated as well as understated. (True/False)
A:
False Fraud auditors should be more concerned with liabilities being understated than with them bein......
Q:
Use Solver to create a Sensitivity Report for question 31 at the end of Chapter 3 and answer the following questions. a. Is the solution degenerate? b. Is the solution unique? c. How much should the...
A:
Production Plan Paper Recycling Newsprint Packaging Print Stock Newspaper 0 85 0 80 0 00 Mixed Paper 0 90 0 80 0 70 White Office Paper 0 90 0 85 0 80......
Q:
Write a Java program that reads 5 integers, each of which is in the range of 1 and 13 representing a simplified poker card with no suit. Your program should then print the ranking of the hand with...
A:
Here s a Java program that reads 5 integers representing poker cards and determines the ranking of t......
Q:
For this assessment, you will choose a local or global issue that pertains to technology. The chosen issue should also relate to one or more of the topics that have been addressed in this course...
A:
Poor communication skills caused by Social Media Communication is an important process that helps in the sharing of information among individuals Bimb......
Q:
6.2-1 The American Standard Code for Information Interchange (ASCII) has 128 characters, which are binary-coded. If a certain computer generates 100,000 characters per second, determine the...
A:
Answer a the amount of bits required per c......
Q:
A three-year bond offers a 10% coupon rate with interest paid annually. Assuming the following sequence of spot rates, the price of the bond is closest to: A. 96.98. B. 101.46. C. 102.95....
A:
The price of the bond is closest to 93 76 This can be calcul......
Q:
How many protons and neutrons are in the nucleus of each of the following atoms? In a neutral atom of each element, how many electrons are present? a. 7Br b. 81 Br c. 239Pu d. 133Cs e. H f. 56Fe
A:
Element Protons Neutrons Electrons neutral atom Br 35 44 35 Br 35 46 35 Pu 94 1......
Q:
Carl Patterson likes investing in stocks that pay dividends. Carl owns 118 shares of a local utility company. The stock pays a regular annual dividend in the amount of $3.10 per share, and the...
A:
Carl will accumulate 10 425 30 in 15 years Here is the breakdown Dividends......
Q:
Explain the difference between intensive and extensive properties.
A:
Intensive and extensive properties are two fundamental classifications used to describe the characte......
Q:
The following information relates All three bonds pay interest annually. Based on the given sequence of spot rates, the price of Bond Y is closest to: A. 87.50. B. 92.54. C. 92.76. Bond Coupon Rate X...
A:
To calculate the price of Bond Y we need to discount all of its cash flows coupon payments and......
Q:
Write a program that reads a sequence of up to 25 pairs of names and postal (ZIP) codes for individuals. Store the data in an object designed to store a first name (string), last name (string), and...
A:
Program Plan Create an array of base type Person of size 25 Read first name last......
Q:
Cleaning Service Company's Trial Balance on December 31, 2020 is as follows: Account name Debit Credit Cash 700 Supplies Pre-paid insurance Pre-paid office rent Equipment Accumulated depreciation -...
A:
Income statement For the year ended December 31 2020 Revenue Service revenue 28 400 Operating Expens......
Q:
a. Rework Problem 18-4 using the spreadsheet model. b. Construct data tables for the intrinsic value and Black-Scholes exercise value for this option and graph the relationship. Include possible...
A:
Click to View...
Q:
A bond has a $1,000 par value, 10 years to maturity, and a 7% annual coupon and sells for $985. a. What is its yield to maturity (YTM)? b. Assume that the yield to maturity remains constant for the...
A:
V B 985 M 1 000 Int 0 07 1 000......
Q:
Bankers Services Inc. (BSI) is considering a project that has a cost of $10 million and an expected life of 3 years. There is a 30% probability of good conditions, in which case the project will...
A:
a Without abandonment Cost t 0 10 million Expected NPV 0 3 11 62 0 4 0 81 0 3 13 60 0 27 million Sta......
Financial Forecasting And Planning 1st Edition - ISBN: 9780899302652 - Free Book