A partnership has the following capital balances with partners' profit and loss percentages indicated parentheticaly Harvey (S06) Tamarin (20) Cathy (506) Andy is going to invest $70,000 into the business to acquire a 30 percent ownership interest. Goodwill is to be recorded. What will be Andy's beginning capital balance? $80,000 $60,000 $140,000 O $84,000 O $120,000 O S70,000 O S105 000

A partnership has the following capital balances with partners' profit and loss percentages indicated parentheticaly Harvey (S06) Tamarin (20) Cathy (506) Andy is going to invest $70,000 into the business to acquire a 30 percent ownership interest. Goodwill is to be recorded. What will be Andy's beginning capital balance? $80,000 $60,000 $140,000 O $84,000 O $120,000 O S70,000 O S105 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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i.2
Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $66,000 to Ries, $56,000 to Bax, and $80,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your ans below. Appropriation General of profits Journal Allocate $249,000 net income by providing annual $66,000 to Ries, $56,000 to Bax, and $80,000 to interest on the partners' beginning capital investm remainder equally. Supporting Calculations Net income Salary allowances…
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A partnership has the following capital balances with partners' profit and loss percentages indicated parenthetically. Henry (60%) Thomas (25%) Catherine (15%) Anne is going to invest $48,000 into the business to acquire a 30 percent ownership interest. Goodwill is to be recorded. What will be Anne's beginning capital balance? Multiple Choice $79,200 $93,600 O$48,000 $ 58,000 70,000 136,000 O $113,143
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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
answer letter d, e, and f. provide as well the solution/explanation. thank you!
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