FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Question #2: Toto profit 56,000 The ABCD Partnership has the following balance sheet at January 1, 2012, prior to the admission of new partner, Eden. Cash and current assets Land Building and equipment Total $ 39,000 234,000 130,000 $ 403,000 Liabilities Adams, capital Barnes, capital Cordas, capital Davis, capital Total $ 52,000 26,000 52,000 117,000 156,000 $ 403,000 Eden contributed $124,000 in cash to the business to receive a 20% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally. After Eden made his investment, what were the individual capital balances?arrow_forwardExercise 18-23 (Algorithmic) (LO. 1, 2) Yvonne and Simon form Ion Corporation. Yvonne transfers equipment with a basis of $377,600 and fair market value of $566,400 to Ion Corporation. Simon invests $453,120 of cash. They each receive 100 shares in Ion Corporation worth $453,120, but Yvonne also receives $113,280 in cash from Ion. Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock. Ion Corporation has a basis of $ basis of $ for his stock. in the equipment. Yvonne has a basis of $ for her stock and Simon has aarrow_forwardA-7arrow_forward
- Nonearrow_forwardAdmitting New Partner With Bonus L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M. Ortiz will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $9,000. The capital balances of each partner are $74,500 and $103,000, respectively, prior to the revaluation. Question Content Area a. Provide the journal entry for the asset revaluation. For a compound transaction, if an amount box does not require an entry, leave it blank. blank EquipmentL. Bowers, CapitalL. Bowers, DrawingV. Lipscomb, DrawingM. Ortiz, Capital - Select - - Select - CashEquipmentL. Bowers, DrawingV. Lipscomb, CapitalM. Ortiz, Capital - Select - - Select - EquipmentL. Bowers, CapitalV. Lipscomb, CapitalM. Ortiz, CapitalM. Ortiz, Drawing - Select - - Select - Question Content Area b. Provide the journal entry for Ortiz’s admission under the following independent situations: 1. Ortiz purchased a 20%…arrow_forwardDomesticarrow_forward
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