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%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $85,000 Phil (30%) . . . . . .
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%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $85,000
Phil (30%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000
Ernie (20%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000
Each of the following questions should be viewed independently.
a. If Sergio invests $100,000 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 $60,000 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 $72,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used.
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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%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $85,000 Phil (30%) . . . . . .
The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (50% of pro...
The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (50% of profits and losses) $ 105,000 Phil (20%) 75,000 Ernie (30%) 90,000 Each of the following questions should be viewed independently. 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 $60,000 in cash in the business for a 20 percent interest, what...
The Distance Plus partnership has the following capital balances at the beginning of the current year:...
The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (50% of profits and losses) $ 70,000 Phil (40%) 40,000 Ernie (10%) 55,000 Each of the following questions should be viewed independently. 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. If Sergio invests $50,000 in cash in the business for a 25 percent interest, what...
The Distance Plus partnership has the following capital balances at the beginning of the current year:...
The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (40% of profits and losses) $ 120,000 Phil (30%) 90,000 Ernie (30%) 105,000 Each of the following questions should be viewed independently. If Sergio invests $150,000 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 $71,000 in cash in the business for a 20 percent interest, what...
The Distance Plus partnership has the following capital balances at the beginning of the current year:...
The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (40% of profits and losses) $ 110,000 Phil (40%) 80,000 Ernie (20%) 95,000 Each of the following questions should be viewed independently. If Sergio invests $130,000 in cash in the business for a 30 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 30 percent interest, what...
The Distance Plus partnership has the following capital balances at the beginning of the current year:...
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Ch 09 P-18 The Distance Plus partnership has the following capital balances at the beginning of...
Ch 09 P-18 The Distance Plus partnership has the following capital balances at the beginning of the current year. Tiger (50% of profits and losses) Phil (40%) Ernie (10%) $ 138,000 109.990 115,000 points Each of the following questions should be viewed independently. eBook Print a. If Sergio invests $150,000 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 $100.000 in cash in...
Each of the following questions should be viewed independently. The Distance Plus partnership has the following...
Each of the following questions should be viewed independently. The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (50% of profits and losses) $ 160,000 Phil (40%) 130,000 Ernie (10%) 145,000 Each of the following questions should be viewed independently. If Sergio invests $190,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $140,000 in cash...
please answer all parts The Distance Plus partnership has the following capital balances at the beginning...
please answer all parts
The Distance Plus partnership has the following capital balances at the beginning of the current year Tiger (50% of profits and losses) Phil (2x) Ernie (30%) $ 105,000 75,000 90,000 Each of the following questions should be viewed independently. a. 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. b. If Sergio invests $60,000 in cash in the business...
The Prince-Robbins partnership has the following capital account balances on January 1, 2018: Prince, Capital…………………………………………………………………………..$70,000...
The Prince-Robbins partnership has the following capital account balances on January 1, 2018: Prince, Capital…………………………………………………………………………..$70,000 Robbins, Capital………………………………………………………………………..$60,000 Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after interest of 10 percent is given to each partner based on beginning capital balances. On January 2, 2018, Jeffrey invests $37,000 cash for a 20 percent in the partnership. This transaction is recorded by the goodwill method. After this transaction, 10 percent...
The Prince-Robbins partnership has the following capital account balances on January 1, 2018 Prin...
The Prince-Robbins partnership has the following capital account balances on January 1, 2018 Prince, Capital Robbins, Capital $ 90,000 80,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 9 percent is given to each partner based on beginning capital balances. On January 2, 2018, Jeffrey invests $49,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction,...
The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (408 of profits and Losses) Phil (408) Ernie (201) $170,000 140.000 155,000 Each of the following questions should be viewed independently. a. If Sergio Invests $210,000 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 $175,000 in cash in the business for a 30 percent interest,...
Ch 09 P-18 The Distance Plus partnership has the following capital balances at the beginning of the current year. Tiger (50% of profits and losses) Phil (40%) Ernie (10%) $ 138,000 109.990 115,000 points Each of the following questions should be viewed independently. eBook Print a. If Sergio invests $150,000 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 $100.000 in cash in...
please answer all parts
The Distance Plus partnership has the following capital balances at the beginning of the current year Tiger (50% of profits and losses) Phil (2x) Ernie (30%) $ 105,000 75,000 90,000 Each of the following questions should be viewed independently. a. 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. b. If Sergio invests $60,000 in cash in the business...
The Prince-Robbins partnership has the following capital account balances on January 1, 2018 Prince, Capital Robbins, Capital $ 90,000 80,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 9 percent is given to each partner based on beginning capital balances. On January 2, 2018, Jeffrey invests $49,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction,...
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