User Account

All Pages

How much capital will be credited or debited

Assignment Help Accounting Basics
Reference no: EM133137237

Question - P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $239,055 for P1, $332,049 for P2, and $175,969 for P3. Among these partners on this date, the income sharing ratios are 38.05% for P1, 40.30% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $140,555 in XYZ Inc for a one-fifth (20%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P1 on Jan 1 using the BONUS method?

Reference no: EM133137237

Questions Cloud

How are parent equity in net income of subsidiary : How are Parent's 2025 equity in net income of Subsidiary and 2025 noncontrolling interest in net income affected by the intercompany sale of land
What is the amount of the foreign exchange gain : What is the amount of the foreign exchange gain or loss recognized on the 2019 Income Statement as a result of revaluing the loan payable
Calculate the rate of commission : A bank in Mississauga has a buying rate of ¥1 = C$0.01076. If the exchange rate is ¥1 = C$0.01116, calculate the rate of commission
LAW 2450 Company and Finance Law Assignment : LAW 2450 Company and Finance Law Assignment Help and Solution, RMIT University - Assessment Writing Service
How much capital will be credited or debited : In the journal entry to admit the new partner P4, how much capital will be credited or debited to P1 on Jan 1 using the BONUS method
What is the amount of copying facility variable costs : Using the dual-rate cost allocation method, what is the amount of copying facility variable costs that will be allocated to the Operations Department
Journalise the september transactions : On 1 September, Better Office Supplies had an inventory of 30 deluxe pocket calculators at a cost of $20 each. Journalise the September transactions
What is the firm required rate of return : Zacher Co.'s stock has a beta of 1.58, the risk-free rate is 4.25%, and the market risk premium is 5.50%. What is the firm's required rate of return
Determine the depreciation for the month : A diesel-powered tractor with a cost of $216,180. During February, the tractor was operated 100 hours. Determine the depreciation for the month

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd