Homework Answers
| JOURNAL ENTRIES | ||
| General Journal | DEBIT ($) | CREDIT ($) |
| Choi capital | 10,000.00 | |
| Amal capital | 10,000.00 | |
| Stein capital | 20,000.00 | |
| (to record Stein's purchase of the partners' interest) | ||
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Page 532 QS 12-7 Partner admission through purchase of interest P3 Stein agrees to pay Choi...
QS 12-7 Partner admission through purchase of interest LO P3 Stein agrees to pay Choi and...
QS 12-7 Partner admission through purchase of interest LO P3 Stein agrees to pay Choi and Amal $16,400 each for a one-third (33 73%) interest in the Chol and Amal partnership. Immediately prior to Stein's admission, each partner had a $49,200 capital balance. Prepare the journal entry to record Stein's purchase of the partners' interest. View transaction list Journal entry worksheet Record Stein's purchase of one-third interest by paying Choi and Amal's $16,400 each. Note: Enter debits before credits Transaction...
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 3:2:5 ratio (in percents: Meir, 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $88,000; Benson, $59,000; 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....
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 2:3:5 ratio. The partnership's capital balances are as follows: Meir, $88,000; Benson, $134,000; and Lau, $228,000. Benson decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Benson's retirement. Problem 12-5A Part 1 Prepare the journal entry to record Benson's...
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...
CP 12–3 Assume the following information just prior to the admission of new partner I: Assets...
CP 12–3 Assume the following information just prior to the admission of new partner I: Assets Liabilities Cash 5,000 Accounts Payable 8,000 Accounts Receivables 43,000 Partners’ Capital G, Capital 30,000 H, Capital 10,000 40,000 48,000 48,000 Required: Prepare journal entries to record the following unrelated scenarios: 1. New partner I purchases partners G’s partnership interest for $40,000. 2. New partner I receives a cash bonus of $2,000 and a one-tenth ownership share, allocated equally from the partnership interests of G...
part 1 and 2 please Problem 12-5A Partner withdrawal and admission P3 P4 Part 1. Meir,...
part 1 and 2 please
Problem 12-5A Partner withdrawal and admission P3 P4 Part 1. Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio in percents: Meir. 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir. $168.000; Benson. $138.000; and Lau, $294,000. Benson decides to withdraw from the partnership. Prepare journal entries to record Benson's February 1 withdrawal under each separate assumption: a. Benson sells her interest to North...
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...
QS 12-7 Partner admission through purchase of interest LO P3 Stein agrees to pay Choi and Amal $16,400 each for a one-third (33 73%) interest in the Chol and Amal partnership. Immediately prior to Stein's admission, each partner had a $49,200 capital balance. Prepare the journal entry to record Stein's purchase of the partners' interest. View transaction list Journal entry worksheet Record Stein's purchase of one-third interest by paying Choi and Amal's $16,400 each. Note: Enter debits before credits Transaction...
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
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:...
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...
part 1 and 2 please
Problem 12-5A Partner withdrawal and admission P3 P4 Part 1. Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio in percents: Meir. 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir. $168.000; Benson. $138.000; and Lau, $294,000. Benson decides to withdraw from the partnership. Prepare journal entries to record Benson's February 1 withdrawal under each separate assumption: a. Benson sells her interest to North...
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...
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