Homework Answers
When new partner is admitted by purchasing her interest from prior partner than it is totally depend on the term and condition of new agreement between both partner and depend on the agreed purchase price.
So, answer = Option D = Depends on the purchase price
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2When a new partner is admitted by purchasing her interest from a prior partner, total capital...
When a partner is admitted through purchasing an interest from one or more current partners, the...
When a partner is admitted through purchasing an interest from one or more current partners, the partnership's assets, liabilities, and total equity are unaffected. True______ or False________
5. When a new partner is admitted to a partnership, there should be a(n) a. increase...
5. When a new partner is admitted to a partnership, there should be a(n) a. increase in the total assets of the partnership. b. new capital account added to the ledger for the new partner. c. increase in the total owner's equity of the partnership. d. debit amount to the partner's capital account for the cash received by the current partner. 5. When a new partner is admitted to a partnership, there should be a(n) a. increase in the total...
26. In admission of a new partner by investment, bonus is recorded when A total agreed...
26. In admission of a new partner by investment, bonus is recorded when A total agreed capital is less than total contributed capital B. total agreed capital is equal to total contributed capital and the capital credit of the new parner s greater than his capital contribution C. total agreed capital is equal to total contributed capital. D. total agreed capital is equal to total contributed capital and the capital credit of the old partners is equal to their capital...
Partner A and Partner B have capital balances of $40,000 and $60,000, respectively, prior to the...
Partner A and Partner B have capital balances of $40,000 and $60,000, respectively, prior to the admission of Partner C. Partner C contributes $20,000 in exchange for a 20% interest in the partnership. The partnership agreement stipulates profits and losses are shared equally. What will be the balance in Partner A's capital account after the admission of Partner C?
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...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $178,500 and $128,400, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $41,100 and one-fourth of Chou’s interest for $28,200. Clarke contributes $43,600 cash to the partnership, for which she is to receive an ownership equity of $43,600. a1. Journalize the entry to record the admission of...
Assume an existing partner in a partnership sells 100% of his interest to a new partner....
Assume an existing partner in a partnership sells 100% of his interest to a new partner. Signify "YES" or "NO" as applicable for each of the following items to indicate whether the item would be a factor in recording the related journal entry for this transaction on the books of the partnership a. The sell price of the interest sold [Y/N] b. The selling partner's capital balance [Y/N] c. The income/loss sharing agreement [Y/N] d. Bonuses that may result from...
Admitting New Partners who buy an Interest and Contributes The capital accounts of Trent Henry and...
Admitting New Partners who buy an Interest and Contributes The capital accounts of Trent Henry and Tim Chou have balances of $122.500 and $3,400, respectively. Lenn e rt and Becky Clarke are to be admitted to the partnership olbert buys one-Enth of Henry's interest for $28.200 and one fourth of Chou's interest for $19.400. Clarke contributes 129.900 cash to the partnership for which she is to receive an ownership equity of $29.900 al. Joumalize the entry to record the admission...
1. When a partner sells 40% of his interest to an outsider at a selling price...
1. When a partner sells 40% of his interest to an outsider at a selling price that is higher than 40% , A total partnership capitalization is not affected. B. the selling price becomes the new partner's capital balance. C. the new partner will have the same capital balance as the old (selling) partner. D. total partnership capitalization is increased by the amount paid by the new partner. 2. From the following statements, which is NOT TRUE of the division...
OOK Show Me How Calculator Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts o...
OOK Show Me How Calculator Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $161,000 and $116,000, respectively. Leanne Gibertad Bedry Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $37,000 and one fourth of Chou's interest for $25.500. Clare contributes $39.100 cash to the partnership, for which she is to receive an ownership equity of $39,300. al. Journalize the entry...
5. When a new partner is admitted to a partnership, there should be a(n) a. increase in the total assets of the partnership. b. new capital account added to the ledger for the new partner. c. increase in the total owner's equity of the partnership. d. debit amount to the partner's capital account for the cash received by the current partner. 5. When a new partner is admitted to a partnership, there should be a(n) a. increase in the total...
26. In admission of a new partner by investment, bonus is recorded when A total agreed capital is less than total contributed capital B. total agreed capital is equal to total contributed capital and the capital credit of the new parner s greater than his capital contribution C. total agreed capital is equal to total contributed capital. D. total agreed capital is equal to total contributed capital and the capital credit of the old partners is equal to their capital...
Admitting New Partners who buy an Interest and Contributes The capital accounts of Trent Henry and Tim Chou have balances of $122.500 and $3,400, respectively. Lenn e rt and Becky Clarke are to be admitted to the partnership olbert buys one-Enth of Henry's interest for $28.200 and one fourth of Chou's interest for $19.400. Clarke contributes 129.900 cash to the partnership for which she is to receive an ownership equity of $29.900 al. Joumalize the entry to record the admission...
1. When a partner sells 40% of his interest to an outsider at a selling price that is higher than 40% , A total partnership capitalization is not affected. B. the selling price becomes the new partner's capital balance. C. the new partner will have the same capital balance as the old (selling) partner. D. total partnership capitalization is increased by the amount paid by the new partner. 2. From the following statements, which is NOT TRUE of the division...
OOK Show Me How Calculator Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $161,000 and $116,000, respectively. Leanne Gibertad Bedry Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $37,000 and one fourth of Chou's interest for $25.500. Clare contributes $39.100 cash to the partnership, for which she is to receive an ownership equity of $39,300. al. Journalize the entry...
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