Required information The following condensed balance sheet is presented for the partnership of Der, Egan, and Oprins, who share profits and losses in the ratio of 4:3:3, respectively. Cash Other Assets $ 40,000 710,000 Accounts Payable Der, Capital $150,000 260,000 Egan, Capital 180,000 Oprins, Capital 160,000 Total Assets $750,000 Total Liabilities and Capital $750,000 Assume that the partnership decides to admit Snider as a new partner with a 25 percent interest. f. The partners agree that total resulting capital should be $820,000 and no goodwill should be recognized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record the admission of the partner given that the total resulting capital is $820,000.
Required information The following condensed balance sheet is presented for the partnership of Der, Egan, and Oprins, who share profits and losses in the ratio of 4:3:3, respectively. Cash Other Assets $ 40,000 710,000 Accounts Payable Der, Capital $150,000 260,000 Egan, Capital 180,000 Oprins, Capital 160,000 Total Assets $750,000 Total Liabilities and Capital $750,000 Assume that the partnership decides to admit Snider as a new partner with a 25 percent interest. f. The partners agree that total resulting capital should be $820,000 and no goodwill should be recognized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A Record the admission of the partner given that the total resulting capital is $820,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Dengar
Transcribed Image Text:Required information
The following condensed balance sheet is presented for the partnership of Der, Egan,
and Oprins, who share profits and losses in the ratio of 4:3:3, respectively.
Cash
Other Assets
$ 40,000
710,000
Accounts Payable
Der, Capital
$150,000
260,000
Egan, Capital
180,000
Oprins, Capital
160,000
Total Assets $750,000
Total Liabilities and Capital
$750,000
Assume that the partnership decides to admit Snider as a new partner with a 25
percent interest.
f. The partners agree that total resulting capital should be $820,000 and no goodwill should be
recognized. (If no entry is required for a transaction/event, select "No journal entry required" in the
first account field.)
View transaction list
Journal entry worksheet
A
Record the admission of the partner given that the total resulting capital is
$820,000.
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