Homework Help is Here – Start Your Trial Now!
Business
Accounting
3. Nicki, Tryon, and Zendaya are allies who share profits in a 2:2:1 ratio. Then Agnez was accepted as a new ally and given her a 1/4 share in the profit, while the rest was divided among Nicki, Tryon, and Zendaya in the original profit-loss ratio. What are the new profit and loss ratios for "Nicki, Tryon, and Zendaya firms"?

3. Nicki, Tryon, and Zendaya are allies who share profits in a 2:2:1 ratio. Then Agnez was accepted as a new ally and given her a 1/4 share in the profit, while the rest was divided among Nicki, Tryon, and Zendaya in the original profit-loss ratio. What are the new profit and loss ratios for "Nicki, Tryon, and Zendaya firms"?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
3. Nicki, Tryon, and Zendaya are allies who share profits in a 2:2:1 ratio. Then Agnez was accepted as a new ally and given her a 1/4 share in the profit, while the rest was divided among Nicki, Tryon, and Zendaya in the original profit-loss ratio. What are the new profit and loss ratios for "Nicki, Tryon, and Zendaya firms"? 4. The capital balance for Aceyt and Chroe is $80,000 each; they share profits in equal ratios. Ghandy was then signed in as a new partner for a 1/3 interest in net assets and in net income with a cash investment of $55,000. Record Ghandy's admissions using the three alternative procedures and indicate what conditions would support each alternative.
Transcribed Image Text:3. Nicki, Tryon, and Zendaya are allies who share profits in a 2:2:1 ratio. Then Agnez was accepted as a new ally and given her a 1/4 share in the profit, while the rest was divided among Nicki, Tryon, and Zendaya in the original profit-loss ratio. What are the new profit and loss ratios for "Nicki, Tryon, and Zendaya firms"? 4. The capital balance for Aceyt and Chroe is $80,000 each; they share profits in equal ratios. Ghandy was then signed in as a new partner for a 1/3 interest in net assets and in net income with a cash investment of $55,000. Record Ghandy's admissions using the three alternative procedures and indicate what conditions would support each alternative.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS