Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $67,800 and $30,100, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $44,000. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership?
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Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $67,800 and $30,100, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $44,000. For what amount will Abby's capital account be debited to record admission of Sandra to the
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- Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $67,300 and $31,800, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $43,200. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership? a. $31,800 b. $33,650 c. $43,200 d. $67,300Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of P60,000 and P30,000 respectively. With the consent of Bailey, Sandra buys one half of Abby's interest for P35,000. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership?Bobbi and Stuart are partners. The partnership capital of Bobbi is $43,200 and that of Stuart is $78,800. Bobbi sells his interest in the partnership to John for $60,000. The journal entry for the admission of John as a new partner would include a credit to
- Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $69,100 and $30,800, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $42,500. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership? Oa. $69,100 Оb. $30,800 Oc. $34,550 Od. $42,500 > Previous Next 3:23 PM 53°F Sunny 12/14/2021 a.Carrie and Callie form a partnership in which Carrie contributes $85,000 in assets and agrees to devote half time to the partnership. Callie contributed $50,000 in assets and agrees to devote full time to the partnership. If no additional information is available, how will Carrie and Callie share in the division of income? In the ratio of:Oscar and Frank form an equal partnership, the O and F Partnership. Oscar contributes land with an adjusted basis of $45,000, subject to a mortgage of $100,000, in exchange for a partnership interest worth $250,000. Frank contributes cash of $100,000 and performs services for the partnership in exchange for a partnership interest worth $250,000. a. What is the amount of Oscar's recognized gain or loss (if any) as a result of the contribution to the partnership in exchange for the partnership interest? b. What is Oscar's basis in his partnership interest immediately after the contribution? c. What is the amount of Frank's recognized income or loss (if any) as a result of the receipt of the partnership interest in exchange for the cash and services? d. What is the partnership's basis in the land received from Oscar?
- In the AD partnership, Allen's capital is $140,000 and Daniel's is $40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David to the partnership. Each of the following questions is independent of the others. Refer to the information provided above. Assume that David invests $50,000 for a one-fourth interest. Goodwill is to be recorded. The journal to record David's admission into the partnership will include: Multiple Choice A. a credit to David, Capital for $50,000. B. a credit to David, Capital for $60,000. C. a credit to cash for $50,000. D. a debit to goodwill for $7,500.Jo and Malone formed a partnership and have capital balances of P 100,000 and P 200,000, respectively. If they agree to admit Bulgari into the partnership, how much will he have to invest to have a one-fourth interest in the partnership?Marcee and Rebecca are partners. Marcee has a capital balance of $50,000 and Rebecca has a capital balance of $35,000. Rebecca sells $15,000 of her ownership to Jason. Which of the following is true of the journal entry to admit Jason? A Rebecca, Capital will be credited for $15,000 B Jason, Capital will be debited for $20,000 C Jason, Capital will be credited for $15,000 D Rebecca, Capital will be debited for $20,000
- Bobbi and Stuart are partners. The partnership capital of Bobbi is $40,800 and that of Stuart is $77,700. Bobbi sells his interest in the partnership to John for $58,100. The journal entry for the admission of John as a new partner would include a credit to a.John's capital account for $40,800 and a credit to Stuart's capital account for $77,700 b.Stuart's capital account for $59,250 c.John's capital account for $40,800 d.John's capital account for $58,100In the AD partnership, Allen's capital is $140,000 and Daniel's is $40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David to the partnership. Each of the following questions is independent of the others. Refer to the information provided above. David invests $40,000 for a one-fifth interest in the total capital of $220,000. What are the capital balances of Allen and Daniel after David is admitted into the partnership? Allen Daniel A) $ 160,000 $ 60,000 B) $ 136,000 $ 36,000 C) $ 140,000 $ 40,000 D) $ 137,000 $ 39,000 Multiple Choice Option D Option A Option B Option CIn the AD partnership, Allen's capital is P140,000 and Daniel's is P40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David to the partnership. David invests P40,000 for a one-fifth interest in the total capital of P220,000. The journal to record David's admission into the partnership will include: