Sal Solan has a capital balance of $26,000; Sharon Silver's balance is $25,000. Grant Hill pays $110,000 to purchase Silver's interest in the Solan & Silver partnership. Silver gets the full $110,000. Requirements 1. Journalize the partnership's transaction to admit Hill to the partnership. 2. Must Solan accept Hill as a full partner? What rights does Hill have after purchasing Silver's interest in the partnership? Requirement 1. Journalize the partnership's transaction to admit Hill to the partnership. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
Q: E10-7 (Algo) Calculating Return on Investment, Residual Income, Determining Effect of Changes in…
A: Step 1: Calculate the Net Operating Income (NOI).Sales: $1,270,000Cost of Goods Sold: $750,000Other…
Q: Rahul
A: Step 1: The calculation of net present value AB1Initial investment $ 2,945,000 2Net…
Q: None
A: Step 1: Find the net income Under the indirect method, the cash flows are calculated by adjusting…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: To calculate Javier's benefit under the defined benefit plan provided by DNL Incorporated, we need…
Q: 12. Zumpano Inc. produces and sells a single product. The selling price of the product is $170.00…
A: STEP 1: Determine the contribution margin ratio. This will represent the percent of sales remaining…
Q: Manji
A: FREE ASSETS ACURRENT ASSETS $ 51,000.00BBUILDING & EQUIPMENT $ 150,000.00CTOTAL (A+B) $…
Q: Maui Fabricators Inc. is considering an investment in equipment that will replace direct labor. The…
A: Step 1: Calculate Annual Depreciation ExpenseDepreciation Expense = (Cost - Residual Value) / Useful…
Q: 10.Two alternatives, code-named X and Y, are under consideration at Afalava Corporation. Costs…
A: Step 1: Method for calculation of difference in costsTo find the differential cost of Alternative Y…
Q: The Financial Manager of the Grand Dubai Hotel has prepared the following flexed budget for 2024.…
A: Detailed Calculation of Expected Total Costs for 2024Scenario: 30,800 guests are expected to attend…
Q: Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments…
A: Step 1: Adjusted cash balance can be calculated by reconciling the balances of the cash book and the…
Q: A project has estimated annual net cash flows of $28,000. It is estimated to cost $81,200. Determine…
A: The objective of this question is to calculate the cash payback period for a project. The cash…
Q: Am.11.
A: The objective of the question is to calculate the incremental income if Maxim decides to process the…
Q: EOM Dating: Be sure to pay attention to the days (discount & net) within the terms. When entering…
A: A. With terms of 4/20 EOM, net 60, the discount period starts from the end of the month in which the…
Q: Ahmad is an entrepreneur and owner of the company. He thinks whether should he continue his activity…
A: Data Available Initial capital550,000Salaries for hiired employees11,000Rent2,000Communal…
Q: Sagar
A: Step 1: Calculation of Interest expense.Interest expense = Principal amount * Interest rate *…
Q: Please do not give solution in image format thanku
A: The objective of the question is to calculate the number of equivalent units of production, the…
Q: I need all solution........
A: To solve this problem, we need to use the MACRS tables provided and follow the instructions…
Q: Determine the average rate of return for a project that is estimated to yield total income of…
A: Total Income = $346,680Residual Value = $102,700Total Return} = $346,680 + $102,700 = $449,380…
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of…
A: Parks Construction Inc. - Stockholders' Equity Transactions (with Debits and Credits) a. Issuance of…
Q: provide answer all of three
A: 1. To find the gain or loss on disposal of the fixed asset, we first need to calculate the book…
Q: Rahul
A: ItemToorak GravelKilda CorporationRemarksLoads purchased100400 Average tons per load100005000 Total…
Q: Current Attempt in Progress × Your answer is incorrect. Sunland Company is evaluating the purchase…
A: Let irr be x%At irr,present value of inflows=present value of…
Q: Management accounting is mainly concerned with:1. reporting on the whole organisation2. sourcing…
A: The objective of the question is to identify the main concerns of management accounting among the…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Step 1: Calculation of depreciation expense.Depreciation expense = (Cost of asset - Salvage value) /…
Q: 4. Assume the estimated finished goods inventory on January 1, 201X was $54,000. Desired finished…
A: The Cost of Goods Sold (COGS) budget is a financial plan that helps a company like Platinum Trophy…
Q: A project has an initial cost of $8,900 and produces cash inflows of $2,800, $5,200, and $1,600 over…
A: Let us analyse the computations in a systematic manner, examining each step individually. 1.…
Q: please answer in text form with proper workings and explanation , for each and every part, and…
A: To solve this problem, we need to calculate the materials price and quantity variances, as well as…
Q: The St. Louis to Seattle Railroad is considering acquiring equipment at a cost of $148,000. The…
A: The objective of the question is to calculate the average rate of return, the cash payback period,…
Q: Rachael is a self-employed accountant. During the year, Rachael incurs the following unreimbursed…
A: To fill in the table:"Travel to client locations" is deductible for the full amount of…
Q: Accounts receivable from sales transactions were $49,971 at the beginning of the year and $66,757 at…
A: To calculate the net cash flows from operating activities using the indirect method, we need to…
Q: Help with the Question
A: Step 1: About Balance Sheet Items:The balance sheet is a financial statement prepared by a company…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: To compute the variances for Dawson Toys, Limited, we need to follow these steps:1a. Material Price…
Q: Consider the following data collected for Albo's Rentals: Direct…
A: Direct materials price variance is the difference between the actual materials at actual price and…
Q: Cash dividends of $72,033 were declared during the year. Cash dividends payable were $9,850 at the…
A: Step 1: Method for calculation of dividend paidDividend paid during the year will include the…
Q: , Stuff Company is a subsidiary of Pland Corporation and is located in Madrid, Spain, where the…
A: Certainly, I can assist you with calculating the cost of Stuff Company's inventory and purchases…
Q: Cash payback period, net present value method, and analysis Elite Apparel Inc. is considering two…
A: Question 1a. Cash Payback period is the amount of time for the initial investment to be recovered…
Q: please answer in text form and in proper format answer with must explanation , calculation for each…
A: Step 1: Sales value at split-off point Sales Value:A = $29/pound x 14,800 pounds = $429,200B =…
Q: Eagle Corp. operates majestic resonance imaging (MRI) clinics throughout the Northeast. At the end…
A: The above answers can be explained as under - 1. Net income = Revenues - expensesNet income = $…
Q: The following data are accumulated by Waiola Company in evaluating the purchase of $118,000 of…
A: The objective of the question is to calculate the net present value (NPV) of the proposal for the…
Q: Lauprechta Incorporated has the following employees on payroll: Employees Semimonthly Payroll…
A: Step 1: Calculate Total Quarterly Gross PayrollCompute the total pay for each employee over the…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Step 1: Purchase and Sale of Treasury Stocka. Purchase: 87,500 shares bought back at $8 per share…
Q: Provide Correct Solutions with explanation
A: Step 1: To record the purchase of merchandise on account. DateGeneral JournalDebitCreditMay 2,…
Q: Gadubhai
A: Solutions: 1. Times interest earned ratio = EBIT/Interest expense($10,300/980) = 10.51 times 2.…
Q: Determine the basis of stock in the hands of the shareholder in each of the following instances.…
A: Step 1: Understanding the Basis Transfer PrincipleWhen property is contributed to a corporation in…
Q: Domestic
A: Approach to solving the question: Please feel free to ask questions or clarifications. Thank you.…
Q: Give me three steps solution and explanation.
A: Step 1: to get the value of lease liability in the POV of the lessee. We must get the sum of the…
Q: < Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are…
A: Step 1: Calculation of the cost of goods sold and ending inventory using the FIFO method. First-in,…
Q: Depict on a graph a perfectly competitive market with a negative externality. Utilise the graph to…
A: Part 2: Detailed explanationIn a perfectly competitive market with a negative externality, such as…
Q: Comparative financial statements for Weller Corporation, a merchandising company, for the year…
A: From the income statement:Sales (Net Sales) for This Year: $95,000 (in thousands)Gross Margin for…
Q: At Blossom Electronics, it costs $33 per unit ($15 variable and $18 fixed) to make an MP3 player…
A: Step 1: Given that offered 4520 units at price of $26 If we reject the order, there is income or…
Step by step
Solved in 2 steps with 1 images
- Todd Stratton has a capital balance of $24,000; Sharon Silver's balance is $19,000. Gavin Howard pays $100,000 to purchase Silver's interest in the Stratton & Silver partnership. Silver gets the full $100,000. Requirements 1. Journalize the partnership's transaction to admit Howard to the partnership. 2. Must Stratton accept Howard as a full partner? What rights does Howard have after purchasing Silver's interest in the partnership? Requirement 1. Journalize the partnership's transaction to admit Howard to the partnership. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit CreditSal Solan has a capital balance of $23,000; Sam Scott's balance is $22,000. Barbara Hamlet pays $100,000 to purchase Scott's interest in the Solan & Scott partnership. Scott gets the full $100,000. Requirements 1. Journalize the partnership's transaction to admit Hamlet to the partnership. 2. Must Solan accept Hamlet as a full partner? What rights does Hamlet have after purchasing Scott's interest in the partnership?T2 would like to purchase a partnership interest from T1. At the time of the purchase, T1's outside basis in the partnership interest is $20,000, which includes $3,000 of liabilities of the partnership allocable to T1. Determine T2's initial outside basis in the partnership interest if he acquires it from T1 for $27,500 in cash. Type your answer...
- 2. Recording investment of assets and liabilities in a partnership. Sarah Punter operates a sole proprietorship business that sells golf equipment. In 2019, Punter agrees to transfer her assets and liabilities to a partnership that will operate The Golf Shop. Punter will own a two-thirds interest in the capital of the partnership. The agreed-upon values of assets and liabilities to be transferred follow: Total accounts receivable of $260,000 will be transferred and approximately $10,000 of these accounts may be uncollectible Merchandise inventory, $212,000 Furniture and fixtures, $96,000 Accounts payable, $37,000Required: Record the receipt of the assets and liabilities by the partnership in the general journal.For Das to obtain a 1/3 interest in the partnership, how much must his cash investment be? How much is the capital of Adee upon partnership formation? Adee admitted Das as a particular in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 Inventories 216,000 Accounts Payable 74,400 Adee, Capital 316,800 In order to establish Da’s Interest, the partners agreed on the following: An allowance of doubtful accounts of 2% s to be established Merchandise Inventory is to be valued at P242,400 Prepaid expenses of p4,200 and accrued expenses of P4,800 are to be recognize. Note: Please answer each number thank you.. Pete is joining the partnership of Rey, Tan and Val whose capital balances and profit and loss sharing ratio are as follows: Capital Balance Rey Tan P/L Ratio P15,000 20,000 20% 40 Val 18,000 40 Refer to Problem 1: If Pete pays P4,200 for 4 of the interest of Tan, and the deficiency in the consideration due to overstatement of partnership assets, what entries must be made on the partnership books incidental to the admission of Pete? Determine the resulting capital balances of the partners.
- 16. A person may become a partner in a partnership by all of the following methods except A. Investing in the partnership with a bonus to the new partners B. Making a loan to the partnership C. Investing in the partnership with a bonus to the old partnes D. Purchasing a partner's interest 17. B. Andy's interest in the partnership is 110,000. M. Joy buys Andy's interest for 120,000. How much is the capital balance of Joy after the purchase? А. 120,000 В. 110,000 С. 130,000 D. 140,000 18. L. Garcia, A. Harina, and E. Isla are partners with capital of P90,000,P50,000, and P60,000, respectively. M. Joson is admitted into the partnership with 4 interest upon payment of 80,000. If the old partners share profits and losses in the ratio of 2/5, 2/5, and 1/5, then the capital account of Isla after the admission of Joson will show a balance of А. 50,000 В. 52,500 С. 62,000 D. 70,000The DJ Partnership has two partners, Dawn and Jack. Each partner's basis in his or her partnership interest is $14,000 before any distribution. The partnership distributes $23,000 cash to Dawn and $5,000 cash to Jack. Read the requirements. Requirement a. Assuming a current distribution, determine for each partner (1) gain or loss recognized and (2) basis in the partnership interest after the distribution. (Complete all input fields. Enter a $0 for any zero balances. Enter a loss with a minus sign or parentheses.) Dawn Jack (1) Gain (loss) recognized Requirements (2) Basis in the partnership interest after the distribution a. Assuming a current distribution, determine for each partner (1) gain or loss recognized and (2) basis in the partnership interest after the distribution. b. Assuming a liquidating distribution, determine each partner's gain or loss recognized.Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $18,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,600. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $4,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation v Debit Credit
- Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $222,000 and $93,000, respectively. Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis. a. What entry is required by the partnership if the sales price is $60,000? If an amount box does not require an entry, leave it blank. fill in the blank 0b7edefb8011019_2 fill in the blank 0b7edefb8011019_3 fill in the blank 0b7edefb8011019_5 fill in the blank 0b7edefb8011019_6 b. What entry is required by the partnership if the sales price is $90,000? If an amount box does not require an entry, leave it blank. fill in the blank 5aa9c705f072fc1_2 fill in the blank 5aa9c705f072fc1_3 fill in the blank 5aa9c705f072fc1_5 fill in the blank 5aa9c705f072fc1_6= Homnes is admitted to the partnership of Rose & Novak. Prior to Hornes' admission, the partnership books show Rose's capital balance at $170,000 and Novak's at $85,000. Assume Rose and Novak 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. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. Begin by computing the partner's equity base for plan a. Homes pays $100,000 for Novak's equity. Hornes pays Novak directly. (Enter a share for each partner. Complete all input fields. For accounts with a $0 balance, make sure to enter "0" in the a field. Enter negative amounts with a parentheses or minus sign.) Plan A Plan A: Partnership capital before admission of Hornes Plan A: Effect on capital balance as a result of admission of Hornes Plan A: Partnership capital after admission of Hornes b. Hornes contributes $85,000 to acquire a 1/4 interest in the…uanita contributes property with a fair market value of $154,200 and an adjusted basis of $46,260 to a partnership in exchange for a 25 percent partnership interest. If an amount is zero, enter "0". Question Content Area a. Calculate the amount of gain recognized by Juanita as a result of the transfer of the property to the partnership b. Calculate Juanita's basis in his partnership interest immediately following the contribution to the partnership.