Peary has $91,500 capital and Hammet has $43,500 capital in the Peary & Hammet partnership. Peary and Hammet share profits and losses equally. Ryanne Potvin contributes cash of $45,000 to acquire a 1/4 interest in the new partnership. Requirements 1. Calculate Potvin's capital in the new partnership. 2. Journalize the partnership's receipt of the $45,000 from Potvin. Requirement 1. Calculate Potvin's capital in the new partnership. (Leave unused cells blank. Do not enter a "0" for a zero balance.) Partnership capital before admission of new partner Contribution of new partner Partnership capital after admission of new partner Capital of new partner

Peary has $91,500 capital and Hammet has $43,500 capital in the Peary & Hammet partnership. Peary and Hammet share profits and losses equally. Ryanne Potvin contributes cash of $45,000 to acquire a 1/4 interest in the new partnership. Requirements 1. Calculate Potvin's capital in the new partnership. 2. Journalize the partnership's receipt of the $45,000 from Potvin. Requirement 1. Calculate Potvin's capital in the new partnership. (Leave unused cells blank. Do not enter a "0" for a zero balance.) Partnership capital before admission of new partner Contribution of new partner Partnership capital after admission of new partner Capital of new partner

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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