36. Avery and Bert are partners who share profits and losses in a ratio of 2:1 and have capital balances of $75,000 and $150,000, respectively. The partners agree to admit Carmen to the partnership. Carmen invests $75,000 for a 35 percent interest in the partnership. The new total capital balance after admitting Carmen is $300,000. The entry to record the admission of Carmen to the partnership is: a. Cash 75,000 Carmen, Capital 75,000 b. Cash 105,000 Carmen, Capital 105,000 c. Cash Avery, Capital Bert, Capital Carmen, Capital 75,000 20,000 10,000 105,000 d. Cash 105,000 Carmen, Capital Avery, Capital Bert, Capital 75,000 20,000 10,000

three partners, John, Jim, and Alice form a partnership. John invests $27,500; Jim invests $10,700, and Alice invests $8,400. In addition, Jim performs specific management functions for which he is paid $2,000 from the partnership proceeds. if the partnership earns $176,000, how much will jim receive?

A partnership has the following capital balances: Natalie (70% of gains and losses). Annie (30% of gains and losses)... Rachel is going to pay a $80,000 to these two partners to acquire a 20% interest from each. Goodwill is to be recorded. What's Natalie's capital balance after the transaction? $216,000 $200,000 $188,000 $235,000 ..$200,000 .$150,000

Peters and Chong are partners and share equally in income or loss. Peters' current capital balance is $150,000 and Chong's is $140,000. Peters and Chong agree to accept Aaron with a 30% interest in the partnership. Aaron invests $118,000 in the partnership. The amount credited to Aaron's capital account is: Multiple Choice $122,400. $118,000. $268,000. $80,400. $128,000.

Daggett, Lamppin, and Pendergast are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $140,000, $80,000, and $55,000, respectively. (a) Your answer is correct. Assume Sanford joins the partnership by investing $135,000 for a 25% interest with bonuses to the existing partners. Prepare the journal entry to record his investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Cash Sanford, Capital Daggett, Capital Lamppin, Capital Pendergast, Capital + + + Debit 135000 Credit 102500 16250 9750 6500

Dd.112.

After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. a.  Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank.   Cash        Grayson Jackson, Capital        Harry Barge, Capital        Lewan Gorman, Capital      b.  What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson $ Harry Barge $ Lewan Gorman $

Ahmed and Salim form a partnership on June 1. Ahmed contributes OMR 15,000 cash, inventory with a market value of OMR 40,000 , and Accounts Payable of OMR 80,000. Ahmed also contributed computer equipment with a cost of OMR 80,000 and accumulated depreciation of OMR 20,000 . Current market value is OMR 85,000 Ahmed's Capital will be Select one: O a. Credit, 30,000 O b. Credit, 60,000 O c. Debit, 30,000 O d. Debit, 60,000

44. Help me selecting the right answer. Thank you