Current Attempt in Progress X Your answer is incorrect. Elkins and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Elkins, $149000 and Landry, $116000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If Neumark invests $98000 in the partnership, what is Landry's capital balance after Neumark's admittance? O $121000

Current Attempt in Progress X Your answer is incorrect. Elkins and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Elkins, $149000 and Landry, $116000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If Neumark invests $98000 in the partnership, what is Landry's capital balance after Neumark's admittance? O $121000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What amount must be invested by GREEN?
zx
Required information [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $160,000. Note: Do not round intermediate calculations. Fraction to Allocate Ramer Ramer's Share Fraction to Allocate Knox's Share of Total Income of Income Knox Income Allocated $125,000 / $50,000 $125,000/ $75,000 $50,000/ $125,000 $50,000/ $75,000 $ 0
Deadshot, Harley Quinn, and El Diablo are partners sharing profits and losses in the ratio of 5:3:2. At the beginning of the year 2018, they admit Captain Boomerang, who is to invest sufficient cash to give one-third interest in the capital and earnings of the partnership. The balance sheet of the partnership before the admission of Captain Boomerang is presented below: Cash 4,500,000 10,125,000 3,375,000 Liabilities 2,250,000 1,350,000 7,875,000 4,500,000 2,025,000 18,000,000 Receivables Deadshot, loan Deadshot, capital Harley Quinn, capital El Diablo, capital Inventories Total 18,000,000 The partners agree to revalue the inventories at its net realizable value of P2,250,000 and an allowance for doubtful accounts of P1,125,000 is to be set up by the partnership against the receivables. The old partners further agree to bring their capital balances into agreement with their interest in the earnings. 4. How much cash must be invested by Captain Boomerang to acquire one-third interest in…
= 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…
Samuel and Darci are partners. The partnership capital for Samuel is $65,500 and that of Darci is $89,200. Josh is admitted as a new partner by investing $56,800 cash. Josh is given a 20% interest in return for his investment. The amount of the bonus to the old partners is a.$56,800 b.$0 c.$14,500 d.$70,500
4. How much is the change in A's capital amount? This is not a part of our exam but is included in the reference book and I want to review its answer.
X and Y are partners sharing profits 6:4, respectively. Capital accounts as of October are 1, 2021 X-P 560,000, Y-P 480,000 They agree to admit Z as a new partner with an investment of P260,000 for a interest in the partnership and that the assets are fairly valued, what would be the capital of Y after the admission of Z? A.P 480,000 B.P 506,000 C.P 454,000 D. P325,000
Not what you’re looking for? Continue submitting your question. Submit your question Question i. Kijiko and Sahani is in partnership sharing profits and losses 3:2. ii. Under the terms of the partnership agreement, the partners are entitled to interest on capital at 5% per annum and Sahani is entitled to a salary of Kshs. 4,500. Interest is charged on drawings at 5% per annum depending on when the drawings were withdrawn and the amounts of interest on drawings are given below. No interest is charged or allowed on current accounts. The interests on drawings are: Kijiko kshs. 600 and Sahani Kshs. 750. iii. The partners’ capitals at 1 July 2018 were: Kijiko Kshs. 30,000 and Sahani Kshs. 10,000. iv. The net trading profit of the firm, before dealing with partners’ interest or Sahani salary for the year ended 30 June 2019 was Kshs. 25,800. At 1 July 2018, there was a credit balance of Kshs. 1,280 on Sahani current account, while Kijiko current account balance was a debit of Kshs.…
X, Y and Z are partners and have equities of P 5 000 each. With the consent of X and Y, Z is about to sell ½ of his equity to W for a bag of popcorn and P 50 cash. Give the entry on the books of the partnership to record the admission of W
Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $6,000 and $4,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $8,000. Question Content Area a. What is the amount of a gain or loss on realization? $fill in the blank a082cef9b012fe9_2 Question Content Area b. How should the gain or loss be divided between Hewitt and Patel? Hewitt $fill in the blank fe57f5f50043050_2 Patel $fill in the blank fe57f5f50043050_4 Question Content Area c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0". blankHewitt and PatelDistribution of Cash Hewitt Patel Capital balances before realization $fill in the blank 2e3dfe08df82014_1 $fill in the blank 2e3dfe08df82014_2 Division of gain or loss on realization fill in the blank…
Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $67,300 and $31,800, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $43,200. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership? a. $31,800 b. $33,650 c. $43,200 d. $67,300