a) Total capital after admission of Solano
Jenkins =$66,000
Tanner =$86,000
Solano =$41,000
Total capital =$193,000
Solano's share= $193,000*30% = $57,900
Partner bonus = Solano's share - capital brought in = 57900-41000 = $16900
Bonus =$16,900 Valeria Solano
b) journal entry Debit. Credit
Cash 41,000
Cody Jenkins capital 8450
Lacey Tanner capital 8450
Veleria Solano. 57900
c) Apparently, Jenkin and Tanner value expertise offered by Solano.
5/29/2019 CengageNOWV2 Online teaching and learning resource from Cengage Leaming Admitting New Partner With Bonus Cody...
Admitting New Partner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $50,000 and $65,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted...
Admitting New Partner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $32,000 and $42,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted...
Admitting New Partner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $64,000 and $83,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted...
Admitting New Partner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $58,000 and $75,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted...
Admitting new partner with bonus Instructions Chart of Accounts Starting Que Instructions Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $75,100 and $36.000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem...
Admitting New Pertner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to prowide landscaping services Jenkins and Tenmer shered profits and loss equaly. After al the tangble assets have been adjusted to current market prices, the capital accounts of Cady Jerkins and Lecey Tanner have balances of $44,0OD and $57,000, respectively Valeria Solano has expertise with using the computer to prepare landscape dasigns, cost estimates, and renderings. Jenkis end Tanner deem these skls useful; thus, Solano is admitted...
Admitting New Partner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $69,000 and $90,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted...
Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping service s and Tanner shared profits and losses cout er the tablets have been used to current market prices, the capital accounts of Cody Jenkins and Lacey Tanne have balances of $41,000 and 53,000 resectively. Valeria Sonhas expertise with using the computer to prepare landscape designs, cost estimates, and renderings anks and over deem the skills thus, Salanes mitted to the partnership at a 30% interest for a purchase...
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...
Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $77,900 and $34,800, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership at a...