Jack herington has owned and operated a proprietorship

Assignment Help Accounting Basics
Reference no: EM131131867

1. Jack Herington has owned and operated a proprietorship for several years. On January 1, he decides to terminate this business and become a partner in the firm of Herington and Kaspar. Herington's investment in the partnership consists of $12,000 in cash, and the following assets of the proprietorship: accounts receivable $14,000 less allowance for doubtful accounts of $2,000, and equipment $20,000 less accumulated depreciation of $4,000. It is agreed that the allowance for doubtful accounts should be $3,000 for the partnership. The fair market value of the equipment is $13,500.

Instructions

Journalize Herington's admission to the firm of Kaspar and Herington. 

Reference no: EM131131867

Questions Cloud

Prepare a schedule showing the distribution of net income : F. Calvert and G. Powers have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for
Calculate the new required return : The Parker Company's stock has a beta of 1.2. The risk-free rate is presently 5 percent and the market risk premium is 4%. Calculate the new required return if the slope of the SML is now 0.05
Derive an equation for the marginal rate : Derive an equation for the marginal rate of substitution betweenx and y for an individual with these preferences. Interpret theMRS. What is the MRS at the point (xC, yC) = (2.5, 2.5)
Which type of evidence regarding the validity of the letter : Fran Freedom is trying to determine what the phrase "with liberty and justice for all" from the Pledge of Allegiance meant at the time it was penned. She suspects there were actually some limits on "all." Dr. Freedom is attempting to establish whi..
Jack herington has owned and operated a proprietorship : Jack Herington has owned and operated a proprietorship for several years. On January 1, he decides to terminate this business and become a partner in the firm of Herington and Kaspar.
What is component cost of debt for use in wacc calculation : Several years ago the Pettijohn Company sold a $1,000 par value, non callable bond that now has 15 years to maturity and a 7.00% annual coupon that is paid semiannually. The bond currently sells for $925, and the company's tax rate is 40%. What is..
Employers not offering health insurance are true leeches : Write a 1 page reflection paper on The Topic: Fransis: Employers not offering health insurance are 'true leeches'
Calculate the amount of heat transferred : The final pressure of the system is 20.0 psia. Calculate the amount of heat transferred and indicate its direction.
Define power as used in management of business : Define power as used in management of business. Define power as used in management of business

Reviews

Write a Review

Accounting Basics Questions & Answers

  Wonder floor makes carpets with 2 departments

Wonder Floor makes carpets with 2 departments involved in production.

  The acme company is undergoing a reorganization to improve

the acme company is undergoing a reorganization to improve its financial structure. as part of this process the company

  Best choice for outside plant

1. This is desirable in the outside plant because direct control is often beyond the user.

  Perfectly competitive firm and industry supply

New England Textiles, Inc., is a medium- sized manufacturer of blue denim that sells in a market for which it is perfectly competitive. The total cost function for this product is described by the following relation:

  Interpret the companys quick ratio

Compute the quick ratio for December 31, 2012 and 2011 and interpret the company's quick ratio

  When using a predetermined overhead rate to allocate

when using a predetermined overhead rate to allocate overhead unforeseen things can materially affect the amount

  Explain the difference between a low risk investment and a

explain the difference between a low risk investment and a high risk investment. give examples of investments that

  Preferred stock or the current stock

Assume AirJet Best Parts has also a preferred stock issue. The most recent dividend per share paid on the stock was also $1.50, the same as the common stock. Which one would you think has a higher price, the preferred stock or the current stock? E..

  The following information reflects cash flow and other

the following information reflects cash flow and other activities of framer company for six months ended june 30 paid

  Rossi company has the following projected account balances

rossi company has the following projected account balances for june 30 20x9 accounts payable 60000

  Manco co issued 320 million face amount of 8 10-year bonds

manco co. issued 3.20 million face amount of 8 10-year bonds on june 1 2010. the bonds pay interest on an annual basis

  Using the project profitability index how would the above

fonics corporation is considering the following three competing investment proposals aye bee cee initial investment

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!

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