Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 12, Problem 3PEB
a.
To determine
Provide
b.
To determine
Provide journal entry to admit L.
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evaluing and Contributing Assets to a Partnership
Marquis Westbury invested $55,000 in the Trenton and Rainwater partnership for ownership equity of $55,000. Prior to the investment, equipment was revalued to a market value of $314,000 from a book value of $236,000. Daniel Trenton and Ann Marie Rainwater share net income in a 1:2 ratio.
Question Content Area
Required:
a. Provide the journal entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.
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Equipment
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b. Provide the journal entry to admit Westbury. If an amount box does not require an entry, leave it blank.
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Revaluing and Contributing Assets to a Partnership
Marquis Westbury invested $119,100 in the Trenton and Rainwater partnership for ownership equity of $119,100. Prior to the investment, equipment was revalued to a market value of $77,400 from a book value of $57,300. Daniel Trenton and Ann Marie Rainwater share net income in a 2:1 ratio.
Question Content Area
a. Journalize the entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.
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Account
Debit
Credit
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Revaluing and Contributing Assets to a Partnership
Marquis Westbury invested $46,000 in the Trenton and Rainwater partnership for ownership equity of $46,000. Prior to the investment, equipment was revalued to a
market value of $317,000 from a book value of $242,000. Daniel Trenton and Ann Marie Rainwater share net income in a 1:3 ratio.
Required:
a. Provide the journal entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.
Equipment
Daniel Trenton, Capital
Ann Marie Rainwater, Capital
Feedback
Check My Work
Cash
75,000
b. Provide the journal entry to admit Westbury. If an amount box does not require an entry, leave it blank.
Marquis Westbury, Capital
18,750
Chapter 12 Solutions
Financial Accounting
Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 1PEACh. 12 - Prob. 1PEBCh. 12 - Prob. 2PEACh. 12 - Prob. 2PEBCh. 12 - Prob. 3PEACh. 12 - Prob. 3PEBCh. 12 - Prob. 4PEACh. 12 - Prob. 4PEBCh. 12 - Prob. 5PEACh. 12 - Liquidating partnerships Prior to liquidating...Ch. 12 - Prob. 6PEACh. 12 - Prob. 6PEBCh. 12 - Revenue per employee Niles and Cohen, CPAs earned...Ch. 12 - Prob. 7PEBCh. 12 - Prob. 1ECh. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Prob. 8ECh. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Statement of members equity, admitting new member...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Liquidating partnershipscapital deficiency Lewis,...Ch. 12 - Prob. 21ECh. 12 - Prob. 22ECh. 12 - Statement of partnership liquidation After closing...Ch. 12 - Prob. 24ECh. 12 - Prob. 25ECh. 12 - Revenue per professional staff The accounting firm...Ch. 12 - Prob. 27ECh. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - Prob. 4PACh. 12 - Statement of partnership liquidation After the...Ch. 12 - Prob. 6PACh. 12 - Prob. 1PBCh. 12 - Prob. 2PBCh. 12 - Prob. 3PBCh. 12 - Prob. 4PBCh. 12 - Statement of partnership liquidation After the...Ch. 12 - On August 3, the firm of Chapelle, Rock, and Pryor...Ch. 12 - Prob. 1CPCh. 12 - Prob. 3CPCh. 12 - Prob. 4CP
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