Reference no: EM1356649
William and Frank are partners whose capital balances are $400,000 and $300,000 and who share profits 3:2. Due to a shortage of cash, William and Frank agree to admit Sammy to the firm.
Required: Prepare the journal entries required to record Sammy's admission under each of the following assumptions:
- Sammy invests $200,000 for a 1/4 interest. The total firm capital is to be $900,000.
- Sammy invests $300,000 for a 1/4 interest. Goodwill is to be recorded.
- Sammy purchases a 1/4 interest in the firm, with 1/4 of the capital of each old partner transferred to the account of the new partner. Sammy pays the partners cash of $250,000, which they divide between themselves.
- The principal types of partnerships are general partnerships, limited partnerships, and joint ventures. Describe the characteristics of each type of partnership.
- There are two methods of recording changes in the membership of a partnership - the bonus method and the goodwill method. Describe these two methods of recording changes in partnership membership.
|
Grievance mediation advantages and disadvantages
: Explain the advantages and disadvantages of grievance mediation and do you believe a typical grievance procedure is effective? Why or why not? Defend your answer.
|
|
Entries for stock dividends
: Journalize the entry to record the declaration of the dividend, cpaitalizing an amount equal to market value. Journalize the entry to record the issuance of the stock certificates.
|
|
Emotional aspects of tragedy for adults
: Not to minimize or dismiss the emotional aspects of tragedy for adults, but I would like to ask if you think that children are more prone to process such events in terms of accessing their visceral/bodily and contextual reactions
|
|
Information culture have negative impact on apple-s business
: Which of the given information cultures would have the greatest negative impact on Apple's business? Information-functional culture, Information-sharing culture.
|
|
Journal entries recording employee admission
: William and Frank are partners whose capital balances are $400,000 and $300,000 and who share profits 3:2. Due to a shortage of cash, William and Frank agree to admit Sammy to the firm.
|
|
Develop a plan to enhance leadership
: Drawing on the concepts of leadership, analyze an organization you know well and design a plan to present to the CEO for enhancing leadership.
|
|
Explain which kind and amount of influence
: Explain Which kind and amount of influence can make such a difference in good and bad outcomes in the organization?
|
|
Calculation of expected rate of return
: Suppose you recently purchased a stock that is expected to earn 12 percent in a booming economy, 8 percent in a normal economy and lose 5% in a recessionary economy.
|
|
Important considerations related to sampling
: What are three of the most important considerations related to sampling that would need to be addressed when working on a topic such as aggression with children.
|