Homework Answers
Answer:b.new capital account added to the ledger for the new partner.
A new partner is admitted to the partnership , a new capital account must be opened to reflect new members of the partnership.
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5. When a new partner is admitted to a partnership, there should be a(n) a. increase...
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...
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...
17. A deficient partner A s assumed to be always insolvent B who is solvent and...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
2. 1. The partnership contract of A and B provides that net income or losses are...
2. 1. The partnership contract of A and B provides that net income or losses are to be distributed in the ratio of partner's capital account balances. The appropriate interpretation of this provision is that net income or losses should be distributed in: a. The ratio of the beginning capital account balances b. The ratio of the average capital account balances C. The ratio of ending capital account balance d. One of the foregoing methods to be specified by partners...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and individually liable for partnership debts. Made on basis of partners' capital balances. Explains changes in individual partner's capital accounts during a period. Each partner can bind the partnership so long as the action appears to be appropriate for the partnership Business terminates. Results in an increase in total net assets and total capital of the partnership Capital account with a debit balance. The basis...
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...
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...
Multiple Choice Question 136 When admitting a new partner by investment, a bonus to old partners is sometimes justi...
Multiple Choice Question 136 When admitting a new partner by investment, a bonus to old partners is sometimes justified because goodwill may exist and it is not reflected in the accounts. is usually unjustified because book values clearly reflect partnership net worth. results if the debit to cash is equal to the new partner's capital credit. results if the debit to cash is less than the new partner's capital credit. O
please help! E12-19 (similar to) Question Help $55,000. Assume Robert Hayes is admitted to the partnership...
please help!
E12-19 (similar to) Question Help $55,000. Assume Robert Hayes is admitted to the partnership of Robert & Nadia. Prior to her admission, the partnership books show Robert's capital balance at $110,000 and Nedia's and Nedia share profits and losses equally Read the requirements Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a Hayes pays 596,000.Nedia's equity Hayes pays Nedia directly Begin by computing the partner's equity base for plan...
Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January...
Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 2045, with contributions from two partners as follows: Dennis Overton $180,000 120,000 Ben Testerman The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. 2. Net Income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for...
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...
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...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
2. 1. The partnership contract of A and B provides that net income or losses are to be distributed in the ratio of partner's capital account balances. The appropriate interpretation of this provision is that net income or losses should be distributed in: a. The ratio of the beginning capital account balances b. The ratio of the average capital account balances C. The ratio of ending capital account balance d. One of the foregoing methods to be specified by partners...
Matching Question 207 Match the following statements to the appropriate terms. Each partner is personally and individually liable for partnership debts. Made on basis of partners' capital balances. Explains changes in individual partner's capital accounts during a period. Each partner can bind the partnership so long as the action appears to be appropriate for the partnership Business terminates. Results in an increase in total net assets and total capital of the partnership Capital account with a debit balance. The basis...
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...
Multiple Choice Question 136 When admitting a new partner by investment, a bonus to old partners is sometimes justified because goodwill may exist and it is not reflected in the accounts. is usually unjustified because book values clearly reflect partnership net worth. results if the debit to cash is equal to the new partner's capital credit. results if the debit to cash is less than the new partner's capital credit. O
please help!
E12-19 (similar to) Question Help $55,000. Assume Robert Hayes is admitted to the partnership of Robert & Nadia. Prior to her admission, the partnership books show Robert's capital balance at $110,000 and Nedia's and Nedia share profits and losses equally Read the requirements Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a Hayes pays 596,000.Nedia's equity Hayes pays Nedia directly Begin by computing the partner's equity base for plan...
Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 2045, with contributions from two partners as follows: Dennis Overton $180,000 120,000 Ben Testerman The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. 2. Net Income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for...
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