A local partnership has assets of cash of $5,000 and a building recorded at $80,000. All liabilities have been paid. The partners’ capital accounts are as follows: Harry $40,000, Landers $30,000 and Waters $15,000. The partners share profits and losses 4:4:2. If the building is sold for $50,000, what amount should Waters receive in the final settlement

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 $

Sammer an Moneer are partners having capital balances of 100,000 and 120,000 respectively, they admit Tala to a one third interest in the partnership capital and profits for investment 130,000, if good method is used in recording tala admission to the parnership: OA. sameer capital will be 120,000 OB. moneer capital will be 130,000 O c. tala capital will be 170,000 OD. good will be recorded to sameer $10,000

The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary.  Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A $10,000 C. ($12,000)

Jerry and Sherry own and operate a partnership. Jerry’s capital balance is $50,000 and Sherry’s is $55,000. Jerry and Sherry decided to admit a new partner, Allison, to their partnership. By the terms of their partnership agreement, Jerry and Sherry share income/loss equally.   Allison intends to contribute $40,000 cash to receive a twenty-five percent interest in the partnership   Required:   a. Revalue the partnership assets b. Determine the total equity of the partnership after the new partner is admitted c. Determine the new partner share of the total equity d. Determine the bonus resulting from Allison’s equity of her contribution e. Make journal entries to record Allison’s admission to the partnership. Please solve sub-part e. Show Your Work:

Bobby Robinson and Nicholas White decide to organize the R&W partnership. Robinson invests $15,000 cash, and White contributes $10,000 cash and equipment having a book value of $4,500. Prepare the entry to record White’s investment in the partnership, assuming the equipment has a fair value of $4,000.