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________
Homework Answers
|
True The partnership's assets, liabilities and total equity are not affected when a new partner is admitted through purchasing interest from one or more partners. However, the assets, liabilities and equity are affected when a new partners is admitted though the contribution of assets. |
||
Add Answer to:
When a partner is admitted through purchasing an interest from
one or more current partners, the...
2When a new partner is admitted by purchasing her interest from a prior partner, total capital...
2When a new partner is admitted by purchasing her interest from a prior partner, total capital b. Decreases c. Does not change d. Depends on the purchase price
TRUE OR FALSE PLEASE HELP 1. A new partner cannot be admitted into a partnership without...
TRUE OR FALSE PLEASE HELP
1. A new partner cannot be admitted into a partnership without the consent of all the partners, 2. A partnership may be dissolved without being liquidated. 3. When a new partner is given 30% interest in a partnership, he will receive 30% of all future profits and losses, 4. When a partner leaves a partnership, it is possible that total assets will be unaffected. S. A person admitted as a partner into an existing partnership...
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...
Admission of New Partner Following is the condensed balance sheet of Martinez, O'Neill and Clemens, partners who share p...
Admission of New Partner Following is the condensed balance sheet of Martinez, O'Neill and Clemens, partners who share profits or losses in the ratio of 2 : 3 : 5. Cash $28,800 Liabilities $120,000 Other assets 451,200 Capital - Martinez 64,800 Capital - O'Neill 105,600 Capital - Clemens 189,600 Total assets $480,000 Total liabilities and capital $480,000 (a) Assume that the partnership's assets and liabilities are fairly valued as shown. The partners wish to admit Jeter as a partner with...
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...
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...
A and B are equal partners in a personal services partnership. Each partner acquired her partners...
A and B are equal partners in a personal services partnership. Each partner acquired her partnership interest for cash several years ago. None of the partnership’s assets is Section 704(c) property. The partnership has the following balance sheet: Assets Liabilities and Partners’ Capital A.B. F.M.V. A.B.* F.M.V. Cash $13,000 $12,000 Liabilities: $2,000 Capital Assets: Capital: Collectibles 1,000 3,000 A $10,000 15,000 Other 6,000 2,000 B 10,000 15,000 Subtotal 7,000 5,000 Receivables 0 14,000 Total $20,000 $32,000 $20,000 $32,000 Consider the...
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...
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 $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...
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...
2When a new partner is admitted by purchasing her interest from a prior partner, total capital b. Decreases c. Does not change d. Depends on the purchase price
TRUE OR FALSE PLEASE HELP
1. A new partner cannot be admitted into a partnership without the consent of all the partners, 2. A partnership may be dissolved without being liquidated. 3. When a new partner is given 30% interest in a partnership, he will receive 30% of all future profits and losses, 4. When a partner leaves a partnership, it is possible that total assets will be unaffected. S. A person admitted as a partner into an existing partnership...
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...
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...
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...
Most questions answered within 3 hours.
-
Test the hypothesis using P-value approach. Be sure to verify
the requirements of the test.
H0:...
asked 33 minutes ago -
For a voltaic cell based on the reaction below, which statement
is correct?
Zn(s)+2H+(aq)→Zn2+(aq)+H2(g)
Zn2+(aq) is...
asked 18 minutes ago -
If 20 g of Na2SO4 is reacted with 20 g of
Al(NO3)3 according to the following...
asked 9 minutes ago -
One difference between periodic and perpetual inventory systems
is:
Multiple Choice Cost of goods sold is...
asked 15 minutes ago -
Using the OSHA web site find the OSHA regulation for personal eye
protection. Write a summary...
asked 14 minutes ago -
In 600 words, answer the following
1) Why has the transfer of defense technologies to domestic...
asked 14 minutes ago -
Balance the following oxidation-reduction equations using redox
methods:
Cu + H+ --------> Cu+ +
H2
asked 35 minutes ago -
For the balanced reaction: CaCl2 (aq) + Na2CO3 (aq) -> CaCO3
(s) + 2 NaCl (aq),...
asked 28 minutes ago -
1. If ln(x)=ln(x)= -0.2 , what does xx equal? Round
your answer to three significant figures. The...
asked 25 minutes ago -
what is the current research being done on the hexokinase
enzyme?
asked 31 minutes ago -
An incline weighing 1,106 kg with its passengers travels uphill
800 meters on a 30 degree...
asked 31 minutes ago -
Let’s assume you want to retire with $1,000,000 in your
investment portfolio. Given that your investment...
asked 31 minutes ago