The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger, (40% of profits and losses) $125,000 Phil (20% ) 95,000 Ernie (40%) 110,000 Each of the following questions should be viewed independently. a. If Sergio invests $150,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $140,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $150,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (50%) Phil (40%) Ernie (10%) Each of the following questions should be viewed independently. Required: a. If Sergio invests $60,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $50,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $60,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. $ 70,000 40,000 55,000 Complete this question by entering your answers in the tabs below. Required A Required B View transaction list If Sergio invests $60,000 in cash in the business for a 25 percent interest, what journal entry recorded? Assume tha method is used. the bonus Note: If…

Samuel and Darci are partners. The partnership capital for Samuel is $50,100 and that of Darci is $89,800. Josh is admitted as a new partner by investing $52,400 cash. Josh is given a 22% interest in return for his investment. The amount of the bonus to the old partners is a. $52,400 b. $64,100 c. $10,094 d. $0

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The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (50%) $ 165,000 Phil (20%) 135,000 Ernie (30%) 150,000 Each of the following questions should be viewed independently. Required: If Sergio invests $190,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $100,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $120,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. Answer is not complete. Complete this question by entering your answers in the tabs below.   Required A Required B Required C If Sergio invests $190,000 in cash in the business for a 20 percent interest, what journal entry is…

Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $4,900 and a fair market value of $16,500. Kelsey will invest a building with a book value of $35,500 and a fair market value of $76,900. What amount will be recorded to Sandra's capital account? Oa. $35,500 Ob. $16,500 O c. $76,900 O d. $4,900

The capital balance for Maxwell is $110,000 and for Russell is $40,000. These two partners share profits and losses 70 percent (Maxwell) and 30 percent (Russell). Evan invests $50,000 in cash into the partnership for a 30 percent ownership. The bonus method will be used. What is Russell’s capital balance after Evan’s investment? $35,000 $37,000 $40,000 $43,000

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

For Industry H, determine each partner's share of income assuming the partners agree to share income by giving a $67,700 per year salary allowance to Price, a $126,100 per year salary allowance to Waterhouse, a $113,700 per year salary allowance to Coopers, a 15% interest on their initial capital investments, and the remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Important! Be sure to click the correct Industry at the top of the dashboard. Net income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of each partner Initial partnership investments Net income Allocation of Partnership Income Price Total net income Total 0 Waterhouse $ $ PRICE, WATERHOUSE, AND COOPERS Statement of Partners' Equity For Year Ended December 31 Price Coopers 0 0 Waterhouse 0 0 0 $ For Industry H, prepare a statement of partners' equity for the…

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