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 transaction, if an amount box does not require an entry, leave it blank.
Cash | |||
Brandon Newman, Capital | |||
Latrell Osbourne, Capital | |||
Juan Rivas, Capital |
b. What are the capital balances of each partner after the admission of the new partner?
Partner | Balance |
Brandon Newman | $ |
Latrell Osbourne | $ |
Juan Rivas | $78000 |
After the tangible assets have been adjusted to current market prices, the capital accounts of Brandon...
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...
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...
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...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $145,500 and $104,800, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $33,500 and one-fourth of Chou's interest for $23,100. Clarke contributes $35,500 cash to the partnership, for which she is to receive an ownership equity of $35,500. al. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $177,000 and $127,600, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $40,700 and one-fourth of Chou’s interest for $28,100. Clarke contributes $43,200 cash to the partnership, for which she is to receive an ownership equity of $43,200. a1. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $139,000 and $100,000, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $32,000 and one-fourth of Chou’s interest for $22,000. Clarke contributes $33,900 cash to the partnership, for which she is to receive an ownership equity of $33,900. a1. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $188,500 and $135,600, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $43,400 and one-fourth of Chou's interest for $29,800. Clarke contributes $46,000 cash to the partnership, for which she is to receive an ownership equity of $46,000. al. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $170,500 and $122,800, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $39,200 and one-fourth of Chou's interest for $27,000. Clarke contributes $41,600 cash to the partnership, for which she is to receive an ownership equity of $41,600. al. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $138,000 and $99,200, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $31,700 and one-fourth of Chou's interest for $21,800. Clarke contributes $33,700 cash to the partnership, for which she is to receive an ownership equity of $33,700. al. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $163,000 and $117,200, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $37,500 and one-fourth of Chou’s interest for $25,800. Clarke contributes $39,800 cash to the partnership, for which she is to receive an ownership equity of $39,800. a1. Journalize the entry to record the admission of...