User Account

All Pages

How much capital will be credited or debited

Assignment Help Accounting Basics
Reference no: EM133140291

Questions -

Q1. P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $337,551 for P1, $468,881 for P2, and $248,473 for P3. Among these partners on this date, the income sharing ratios are 45.73% for P1, 32.62% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $198,467 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 P3 on Jan 1 using the ASSET REVALUATION method?

Q2. P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $165,183 for P1, $229,425 for P2, and $121,591 for P3. Among these partners on this date, the income sharing ratios are 32.29% for P1, 46.06% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $97,121 in XYZ Inc for a one-eighth (12.5%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P2 on Jan 1 using the ASSET REVALUATION method?

Q3. P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $386,799 for P1, $537,297 for P2, and $284,725 for P3. Among these partners on this date, the income sharing ratios are 49.57% for P1, 28.78% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $227,423 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 P4 on Jan 1 using the BONUS method?

Reference no: EM133140291

Questions Cloud

The term business process mean : What does the term business process mean? What is one of the criticisms of ERP systems? List the guidelines for redesigning a business process.
Unix shell scripting - the for loop : Familiarity with iteration (looping) within UNIX shell scripts, and it also introduces another loop syntax, the for loop
Website comparison-operating systems : Select a website and compare how it looks on 2 different monitors, browsers, or computers running different operating systems.
Define operational excellence : How do you define operational excellence? What factors are involved in achieving operational excellence?
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 P3 on Jan 1 using the ASSET REVALUATION method
Compute the amount of gain or loss : Assume that Becker Office Service sold the computer system at the end of the fourth year for $19,000. Compute the amount of gain or loss
Determining a character in a specific position : Determining a character in a specific position in a string - perform a set of instructions repeatedly - repeating a block of commands over and over again
How much will debited or credited to reorganization account : In the journal entry to record this exchange, how much will be debited or credited to the Reorganization Account
What amount will be reported in the operating section : During the year, the accounts receivable balance increased by $4,000. What amount will be reported in the operating section

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain the actual overhead costs

The $3.00 ($2.50 1 $0.50) total overhead rate per direct labor hour is based on an expected operating level equal to 75% of the factory's capacity of 50,000.

  The following data summarize the company

Prepare an income statement (use multi step format) and balance sheet for each fiscal year.

  Implications of practice-legal-ethical ramifications

Research this situation on the internet or through the university library. Write a 400-word paper describing the situation and the implications of the practice including any legal or ethical ramifications.

  Total cash dividendsof 8000 were declared and paid

at the end of 1999 the total assets of dole corp were90000 and total liabilities were 50000. the company hasbeen in

  Interest revenue should baxter record

Assume that the present value at January 1, 2002, of all rent payments over the lease term discounted at a 10 percent interest rate was $5,280,000. What amount of interest revenue should Baxter record in 2003 (the second year of the lease period) ..

  What would be one duty of second-line help desk personnel

What is the most effective way to ensure information system availability? What would be one duty of second-line help desk personnel? Which of the following describes a phase-in conversion?

  What is the current value of a face value bond

The market rate of return on bonds of this risk is currently 3.5 percent. What is the current value of a $1,000 face value bond

  A basic assumption of accounting that requires activities

a basic assumption of accounting that requires activities of an entity be kept separate from the activities of its

  Buster container company is suffering declining sales of

buster container company is suffering declining sales of its principal product nonbiodegradeable plastic cartons. the

  Consider a multiple-choice examination with 50 questions

consider a multiple-choice examination with 50 questions. each question has four possible answers. assume that a

  How much do customers actually owe crows

There is also a note that says the company has an allowance for doubtful accounts of $100,000. How much do customers actually owe Crows

  Why does the chairperson of the iasb argue

Why does the Chairperson of the IASB argue that under former accounting standard for leases there was ‘no level playing field' between some airlines companies?

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