Lambert invests $20,000 for a 1/3 interest in a partnership in which the other partners have capital totaling $34,000 before admitting Lambert. What is Lambert's capital after admission? Question 35 options: $18,000 $20,000 $6,667 $11,333
Q: Nicole has been financing Nicole's Getaway Spa (NGS) using equity financing. Currently NGS has…
A: When new shares are issued and a company takes in revenue from the issue of that stock, that revenue…
Q: Helicopter Gear is planning to expand its product line, which requires investment of $477,000 in…
A: The payback period refers to method which helps to ascertain in how many years at which cost of the…
Q: lowing questions. value of the common stock? (Round par value to 2 de mon stock
A: Stockholders Equity section in the balance sheet is the stockholders paid up capital plus retained…
Q: Equity and Liabilities Share capital-common (131,000 shares issued) Retained earnings (Note 1)…
A: The question is related to Ratio Analysis. The Return on equity is calculated with the help of…
Q: Current Attempt in Progress Sweet Acacia Company's standard labour cost per unit of output is $28.70…
A: The variance is the difference between the standard and actual cost data. The variance can be…
Q: Imperial Jewelers manufactures and sells a gold bracelet for $400.00. The company's accounting…
A: Under analyzation we evaluate an offer to check its befit of loss. It means to check weather it…
Q: Use the following information (in thousands): Service Revenue…
A: Lets understand the basics.Other income and expense is a item which are no earned due to normal…
Q: Sale made on account for $10,000 included inventory with a cost of $8800. The journal entry(ies) to…
A: Lets understand the basics.Journal entry is required to make to record event and transaction that…
Q: Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following…
A: Earnings per share is the part of entity's profit that is allocated to each outstanding common…
Q: Waterways has two major public-park projects to provide with comprehensive irrigation in one of its…
A:
Q: On June 3, 20X1, Alaska State Company received a $5,400, 45-day, 12 percent note from Samuel Adams,…
A: Journal entry is an art of recording, summarizing and classifying the business transactions into…
Q: QP Corporated sold 5,470 units of its product at $45.30 per unit during the year and incurred…
A: Under the FIFO method, the oldest products in inventory are sold first. Under the LIFO method, the…
Q: Required information [The following information applies to the questions displayed below.] The…
A: VarianceVariance is the variation or difference between the budgeted or actual costs. Here, the…
Q: Required information [The following information applies to the questions displayed below.] Carolina…
A: Distribution in S CorporationAlthough calculating S company distributions is straightforward, there…
Q: I only get sub parts D) an
A: Depreciation is the process of reducing the value of the assets. It is a non-cash expense of the…
Q: Nash Corporation has 10 million shares of common stock issued and outstanding. On June 1, the board…
A: Dividend is the amount of return that an entity pays to the common and preferred shareholders of the…
Q: Se the following information from separate companies a through d Net Income (Loss) Interest Expense…
A: TIMES INTEREST EARNED RATIOThe time interest earned ratio is the ratio between EBIT and interest…
Q: Required information. [The following information applies to the questions displayed below.) In…
A: In the statement of cash flows after tax which shows how a company's cash position has changed over…
Q: A company's payroll records report $3,460 of gross pay and $484 of federal income tax withholding…
A: Salary means the award an employee gets from employer for working in its business enterprises.Any…
Q: Franco and Jason share income and losses in a 2:1 (2/3 to Franco and 1/3 to Jason) ratio after…
A: The objective of the question is to determine the increase in Jason's capital account after the…
Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…
A: The inventory can be valued using various methods such as FIFO, LIFO and the average method. Ending…
Q: Gary, who is single
A: In 2023, monetary donations can constitute up to 60% of your Adjusted Gross Income (AGI). The…
Q: There were following activities occurred during the first month of Babara Schmidt's new hair cutting…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Required information (The following information applies to the questions displayed below The annual…
A: The stockholders' equity includes the issued capital and retained earnings of the business. The…
Q: Date Sept. 4 8 20 Item Beginning inventory Purchase Sale Purchase Units 5 8 6 15 Cost Total $10 $50…
A: FIFO means First In First Out.Under FIFO method materials received first in the stores are issued…
Q: Direct materials Direct labor Manufacturing overhead applied Total Manufacturing overhead for the…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: Blossom Company's sales budget projects unit sales of part 1987 of 10,700 units in January, 12,200…
A: Production budget :— This budget is prepared to estimate the number of units to be produced for…
Q: Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn).…
A: The objective of the question is to find out the new capital balance of Saturn after the…
Q: Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning…
A: The specific identification method relates to inventory valuation, specifically keeping track of…
Q: Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and…
A: Income statement :— It is one of the financial statements that shows profitability, total revenue…
Q: Problem 9-5A (Algo) Part 2 2. If the market interest rate is 7%, the bonds will issue at $357,290.…
A: The bond is a type of financial instrument issued by companies or governments in order to raise…
Q: When the asset revaluation account is used to revalue assets prior to admitting a new partner, Asset…
A: The objective of the question is to understand the accounting treatment of asset revaluation,…
Q: REQUIRED 1. Prepare a schedule showing Pub’s income from Sub for the years 2019, 2020, and 2021. 2.…
A: A subsidiary is a company that belongs to another company, which is usually referred to as the…
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: Standard CostingThe method of costing is used to find out the variances. Variance is the difference…
Q: (Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major…
A: The joint costs are the cost that benefits more than one product. Joint costs are incurred during…
Q: Jackson, Inc.’s fiscal year ends December 31. Selected transactions for the period 20-1 through 20-8…
A: Bonds payable is a type of instrument where by an amount is borrowed for a fixed period with fixed…
Q: Barlow Company manufactures three products-A, B, and C. The selling price, variable costs, and…
A: The contribution margin is the amount of revenue that remains after deducting the variable costs…
Q: Roger Inc. began work in 2021 on a contract for $8,400,000. Other data are as follows:…
A: The percentage of completion method is employed in accounting for extended projects or contracts…
Q: Identify the two Section 1231 assets of a food service establishment. All assets have been owned by…
A: Section 1231 assets refer to a specific category of assets as defined by the Internal Revenue Code…
Q: During the current year, Cullumber Corporation expects to produce 10,000 units and has budgeted the…
A: ROI means return on investment. It is the percentage return earned by the entity on the operating…
Q: Exercise 12-20 (Algo) Equity method; purchase; investee income; dividends [LO12-6] As a long-term…
A: The Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as…
A: An income statement, together with the balance sheet and cash flow statement, is one of three…
Q: Temporary Differences 1. Excess of tax depreciation over book depreciation 2. Accrual, for book…
A: A financial statement that depicts an organization's financial situation at a certain period in…
Q: On December 31, 2023, Bramble Link Corporation received a four-year, 6%, $764,000 bank loan. The…
A: Interest is the amount paid over and above the principal amount to the lender. Basically, it is the…
Q: The Kare Counseling Center was incorporated as a not-for-profit organization 10 years ago. Its…
A: Balance sheet stands for the statement and information that shows the assets and liabilities of the…
Q: Exercise 7-5 (Algo) Companywide and Segment Break-Even Analysis [LO7-5] Piedmont Company segments…
A: Break even point :— It is the point of production where total cost is equal to total revenue. At…
Q: Mannheim Corporation is ready to emerge from Chapter 11 bankruptcy under & ANIBER nous es 125600000…
A: The correct solution is:1,014,000
Q: Calgate Company had the following shares outstanding and retained earnings at the end of the current…
A: Stock Dividend is the issuance of shares by the company in the form of a dividend to the existing…
Q: 1. At the beginning of 2024, the company purchased a machine for $483,000 (salvage value of $48,300)…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: Inspirational Corporation (IC) purchased 2,000 shares of Dalmation Corporation (DC), representing a…
A: When any entity/company invests in the shares of another company and receives a cash dividend as…
Question 35 options:
|
$18,000 |
|
$20,000 |
|
$6,667 |
|
$11,333 |
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- Tom and Dick Partnership agree to admit Harry. Capital balances of Tom and Dick are $92,000 and $75,000, respectively. Tom and Dick share profits/(losses) on a 45:55 basis. Harry invests $65,000 for a 25% interest. What amount of the bonus is allocated to Dick? Question 19 options: a) $65,000 b) $ 3,850 c) $58,000 d) $ 7,000Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $60,000 and $40,000 respectively. Ramsey is admitted to the partnership and is given a 10% What is Orton's capital balance after admitting Ramsev 3. interest by investing $20,000. $44,800 b. $35,200 $20,000 d. $16,000 a. c. Challenging Bloom's: Application OBJ: LO: 12-03 DIF: PTS: 1 ANS: KEY: NAT: BUSPROG: AnalyticWhat is the answer? Harry invests $40,000 for a one-fourth interest in a partnership in which the other partners have capital totaling $80,000 before admitting Harry. After distribution of the bonus, what is Harry's capital balance? a. $10,000 b. $20,000 c. $30,000 d. $40,000
- 16. A person may become a partner in a partnership by all of the following methods except A. Investing in the partnership with a bonus to the new partners B. Making a loan to the partnership C. Investing in the partnership with a bonus to the old partnes D. Purchasing a partner's interest 17. B. Andy's interest in the partnership is 110,000. M. Joy buys Andy's interest for 120,000. How much is the capital balance of Joy after the purchase? А. 120,000 В. 110,000 С. 130,000 D. 140,000 18. L. Garcia, A. Harina, and E. Isla are partners with capital of P90,000,P50,000, and P60,000, respectively. M. Joson is admitted into the partnership with 4 interest upon payment of 80,000. If the old partners share profits and losses in the ratio of 2/5, 2/5, and 1/5, then the capital account of Isla after the admission of Joson will show a balance of А. 50,000 В. 52,500 С. 62,000 D. 70,00047. Douglas pays Selena $45,000 for her 30% interest in a partnership with total net assets of $125,000. Following this transaction, Douglas' capital account should have a credit balance of $37,500 b. $45,000 c. $13,500 d. more than $45,000 a. OBJ: LO: 12-03 Moderate DIF: PTS: 1 ANS: A KEY: Bloom's: Application NAT: BUSPROG: Analytic5. Jackie is a 50% partner in The Lunch Box. She is to receive a guaranteed payment of $30,000. If the partnership's ordinary income before deducting the guaranteed payment is $70,000, what is Jackie's distributive share? a. $15,000 b. $20,000 c. $30,000 d. $35,000
- Partners X, Y and Z divide profits and losses 5:3:2 respectively. On July 1, 2020, A is admitted as a new partner with a 20% interest in capital and earnings in exchange for cash investment. Prior to A’s admission, the capital balances of the partners are as follows: X: P 148, 000; Y: P 260, 000; Z: P192, 000. How much cash should A contribute?Question # 01Abraham and Boling decided to admit a new partner Liu to a one forth equity interest in the partnership for an investment of $80,000. Prepare a general entry to record the admission of Liu. Also explain the calculation of Bonus to the existing partners or the incoming partner is computed? Abraham and Boling divide the profit and loss 60% to the Abraham and 40% to the Boling. At the present time the investment capital of each partner is $140,000.Lambert invests $10,974 for a 1/3 interest in a partnership in which the other partners have capital totaling $35,487 before admitting Lambert. What is Lambert's capital after Admission? Oa. $10,974 Ob. $3,658 Oc. $15,487 Od. $23,231
- Question 9 Zahra and Batool are partners in Z&B Partnership with initial investment of $360,000 and $240,000, respectively. They share income and loss by 3: 2 ratio, respectively. They accepted Mariam as a new partner in the partnership. Required: Prepare Journal entries to record the admission of Mariam who invests cash of $160,000 in the partnership and receives 25% ownership interest in the new partnership. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE "," BETWEEN NUMBERS: Dr. Cash 100000 Cr. Land 100000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the aboveLO.2 In the current year, Bill Parker (54 Oak Drive, St. Paul, MN 55164) is considering making an investment of 60,000 in Best Choice Partnership. The prospectus provided by Bills financial planner indicates that the partnership investment is not a passive activity and that Bills share of the entitys loss in the current year will likely be 40,000, whereas his share of the partnership loss next year will probably be 25,000. Write a letter to Bill in which you indicate how the losses would be treated for tax purposes in the current year and the following year.