The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (40%) $ 150,000 Phil (30%) 120,000 Ernie (30%) 135,000 Each of the following questions should be viewed independently. Required: If Sergio invests $180,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $100,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $102,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (50%) $ 165,000 Phil (20%) 135,000 Ernie (30%) 150,000 Each of the following questions should be viewed independently. Required: If Sergio invests $190,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $100,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $120,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. Answer is not complete. Complete this question by entering your answers in the tabs below.   Required A Required B Required C If Sergio invests $190,000 in cash in the business for a 20 percent interest, what journal entry is…

The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (50%) Phil (20%) Ernie (30%) $ 135,000 105,000 120,000 Each of the following questions should be viewed independently. Required: a. If Sergio invests $150,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $80,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $100,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. Complete this question by entering your answers in the tabs below. Required A Required B Required C If Sergio invests $150,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. Note: If…

The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages:         Tiger (40%) $ 65,000 Phil (20%)   35,000 Ernie (40%)   50,000     Each of the following questions should be viewed independently.   If Sergio invests $70,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $60,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. If Sergio invests $72,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (50% of profits and losses)                $75,000 Phil (20%)                                                   $45,000 Ernie (30%)                                                 $60,000 Each of the following questions should be viewed independently a. If Sergio invests $60,000 in cash in the business for a 20 percent interest, what journal entry is recorded ? Assume that the bonus method is used. b. If Sergio invests $40,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $50,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger, (40% of profits and losses) $125,000 Phil (20% ) 95,000 Ernie (40%) 110,000 Each of the following questions should be viewed independently. a. If Sergio invests $150,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method isused. b. If Sergio invests $140,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method isused. c. If Sergio invests $150,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method isused.

The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (50%) Phil (40%) Ernie (10%) Each of the following questions should be viewed independently. Required: a. If Sergio invests $60,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $50,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $60,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. $ 70,000 40,000 55,000 Complete this question by entering your answers in the tabs below. Required A Required B View transaction list If Sergio invests $60,000 in cash in the business for a 25 percent interest, what journal entry recorded? Assume tha method is used. the bonus Note: If…

The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (40%) Phil (20%) Ernie (40%) Each of the following questions should be viewed independently. a. If Sergio invests $120,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $90,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $108,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used. $ 95,000 65,000 80,000 Required A Complete this question by entering your answers in the tabs below. No Required B 1 If Sergio invests $90,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for…

The following information was obtained from the records of MT Suppliers, a partnership business with Mary and Tanya as partners, on 28 February 2023 (the end of the financial year): Mary's capital balance was R600 000 on 28 February 2023. She increased her capital contribution by R200 000 on 01 December 2022 (and this was recorded). She earns interest at a rate of 15% per annum. Which one of the following reflects Mary's interest on capital for the year ended 28 February 2023? O A. R60 000 B. R82 500 O C. R90 000 OD. R67 500

The following information was obtained from the records of MT Suppliers, a partnership business with Mary and Tanya as partners, on 28 February 2023 (the end of the financial year): Mary's capital balance was R600 000 on 28 February 2023. She increased her capital contribution by R200 000 on 01 December 2022 (and this was recorded). She earns interest at a rate of 15% per annum. Which one of the following reflects Mary's interest on capital for the year ended 28 February 2023? O A. R60 000 OB. R82 500 O C. R67 500 OD. R90 000 Previous page