Homework Answers
Journal entry:
| Account title | Debit | Credit |
|---|---|---|
|
Choi’s capital Amal’s capital Stein’s capital |
$16400 $16400 . |
. . $32800 |
total capital of Choi and Amal before admission of Stein = $49200 x
2 = $98400
Stein’s purchase of 33 1/3% share equals to $98400 x 33.33% = $32800
After dividing it equally between existing partners,
Choi’s capital = $32800 x (1/2) = $16400
Amal’s capital = $32800 x (1/2) = $16400
Add Answer to:
QS 12-7 Partner admission through purchase of interest LO P3 Stein agrees to pay Choi and...
Page 532 QS 12-7 Partner admission through purchase of interest P3 Stein agrees to pay Choi...
Page 532 QS 12-7 Partner admission through purchase of interest P3 Stein agrees to pay Choi and Amal $10,000 each for a one-third (331/3%) interest in the Choi and Amal partnership. Immediately prior to Stein's admission, each partner had a $30,000 capital balance. Make the journal entry to record Stein's purchase of the partners' interest.
Stein agrees to pay Choi and Amal S10,000 each for a one-third (33%) interest in the...
Stein agrees to pay Choi and Amal S10,000 each for a one-third (33%) interest in the Choi and Amal 6512 partnership. Immediately prior to Stein's admission, each partner had a $30,000 cap tem journal entry to record Stein's purchase of the partners' interest Partner admission, each partner had a $30,000 capital balance. Make the purchase of interest P3
Stein agrees to pay Choi and Amal $15,000 each for a one-third (33 1⁄3%) interest in...
Stein agrees to pay Choi and Amal $15,000 each for a one-third (33 1⁄3%) interest in the Choi and Amal partnership. Immediately prior to Stein’s admission, each partner had a $45,000 capital balance. Prepare the journal entry to record Stein's purchase of the partners' interest.
Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions...
Problem 12-5A Partner withdrawal and admission LO P3, P4
[The following information applies to the questions
displayed below.]
Meir, Benson, and Lau are partners and share income and loss in a
1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%).
The partnership's capital balances are as follows: Meir, $28,000;
Benson, $119,000; and Lau, $153,000. Benson decides to withdraw
from the partnership.
Problem 12-5A Part 2
2. Assume that Benson does not retire from the
partnership described in Part...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does not retire from the partnership described...
Exercise 12-8 Sale of partnership interest LO P3 The partners in the Biz Partnership have agreed...
Exercise 12-8 Sale of partnership interest LO P3 The partners in the Biz Partnership have agreed that partner Mandy may sell her $96,000 equity in the partnership to Brittney, for which Brittney will pay Mandy $76,800. Prepare the partnership's journal entry to record the sale of Mandy's interest to Brittney on September 30. View transaction list Journal entry worksheet Record the admission of Brittney as a partner who will pay Mandy $76,800 for her share of equity of $96,000. Note:...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does not retire from the partnership described...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.) Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 1 1. Prepare the journal entry to record Benson's withdrawal under each...
Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions...
Problem 12-5A Partner withdrawal and admission LO P3, P4
[The following information applies to the questions
displayed below.]
Meir, Benson, and Lau are partners and share income and loss in a
1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%).
The partnership's capital balances are as follows: Meir, $28,000;
Benson, $119,000; and Lau, $153,000. Benson decides to withdraw
from the partnership.
Problem 12-5A Part 1
1. Prepare the journal entry to record Benson's
withdrawal under each independent assumptions....
Please answer in this format please Required information Problem 12-5A Partner withdrawal and admission LO P3,...
Please answer in this format please
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $33,000; Benson, $139,000; and Lau, $178,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does...
Page 532 QS 12-7 Partner admission through purchase of interest P3 Stein agrees to pay Choi and Amal $10,000 each for a one-third (331/3%) interest in the Choi and Amal partnership. Immediately prior to Stein's admission, each partner had a $30,000 capital balance. Make the journal entry to record Stein's purchase of the partners' interest.
Stein agrees to pay Choi and Amal S10,000 each for a one-third (33%) interest in the Choi and Amal 6512 partnership. Immediately prior to Stein's admission, each partner had a $30,000 cap tem journal entry to record Stein's purchase of the partners' interest Partner admission, each partner had a $30,000 capital balance. Make the purchase of interest P3
Problem 12-5A Partner withdrawal and admission LO P3, P4
[The following information applies to the questions
displayed below.]
Meir, Benson, and Lau are partners and share income and loss in a
1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%).
The partnership's capital balances are as follows: Meir, $28,000;
Benson, $119,000; and Lau, $153,000. Benson decides to withdraw
from the partnership.
Problem 12-5A Part 2
2. Assume that Benson does not retire from the
partnership described in Part...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does not retire from the partnership described...
Exercise 12-8 Sale of partnership interest LO P3 The partners in the Biz Partnership have agreed that partner Mandy may sell her $96,000 equity in the partnership to Brittney, for which Brittney will pay Mandy $76,800. Prepare the partnership's journal entry to record the sale of Mandy's interest to Brittney on September 30. View transaction list Journal entry worksheet Record the admission of Brittney as a partner who will pay Mandy $76,800 for her share of equity of $96,000. Note:...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does not retire from the partnership described...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.) Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 1 1. Prepare the journal entry to record Benson's withdrawal under each...
Problem 12-5A Partner withdrawal and admission LO P3, P4
[The following information applies to the questions
displayed below.]
Meir, Benson, and Lau are partners and share income and loss in a
1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%).
The partnership's capital balances are as follows: Meir, $28,000;
Benson, $119,000; and Lau, $153,000. Benson decides to withdraw
from the partnership.
Problem 12-5A Part 1
1. Prepare the journal entry to record Benson's
withdrawal under each independent assumptions....
Please answer in this format please
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $33,000; Benson, $139,000; and Lau, $178,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does...
Most questions answered within 3 hours.
-
What specific indicators can point to lack of progress for
African Americans in American society?
asked 12 minutes ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 28 minutes ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 55 minutes ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 1 hour ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 1 hour ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 2 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 3 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 3 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 4 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 4 hours ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 4 hours ago -
4. How many input & output Key Value Pairs are passed into,
and emitted out of...
asked 4 hours ago