Homework Answers
a.
| Cash | 74000 | |
| Brad Paulson, Capital ($22000/2) | 11000 | |
| Drew Webster, Capital ($22000/2) | 11000 | |
| Austin Neel, Capital | 96000 |
b.
| Partner | Balance |
| Brad Paulson ($111000 - $11000) | 100000 |
| Drew Webster ($189000 - $11000) | 178000 |
| Austin Neel | 96000 |
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Admtting tew Per who Contributes Asts Aher the tangble at have been ated tent market prm...
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After the tangible assets have been adjusted to current market prices, the capital accounts of Brad Paulson and Drew Webster have balances of $48,250 and $55,900, respectively. Austin Neel is to be admitted to the partnership, contributing $32,770 cash to the partnership, for which he is to receive an ownership equity of $37,520. All partners share equally in income. Required: A. On December 31, journalize the entry to record the admission of Neel, who is to receive a bonus of...
were within ulem withdrawals on each the ratio of 4:3 for Marvel Media 20Y2 were ,...
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After the tangible assets have been adjusted to current market prices, the capital accounts of Brandon Newman and Latrell Osbourne have balances of $89,000 and $142,000, respectively. Juan Rivas is to be admitted to the partnership, contributing $60,000 cash to the partnership, for which he is to receive an ownership equity of $78,000. All partners share equally in income. a. Journalize the entry to record the admission of Rivas, who is to receive a bonus of $18,000. For a compound...
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Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...
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Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...
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were within ulem withdrawals on each the ratio of 4:3 for Marvel Media 20Y2 were , Amounts equal to the salary and interest allowances were will Determine the division of income among the three members. b. Prepare the pour e the journal entry to close the revenues, expenses, and with individual member equity accounts. c. Prepare a statement of members' equity for 20Y2, d what are the advantages of an income-sharing agreement for them the members of this ncome equally...
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