Make the journal entry to admit Foster into the partnership

Reference no: EM132821591

Problem - On July 1, the Duncan & Evan partnership agreed to admit Foster to the partnership. Foster will receive a 40% share of the business for a cash investment of $200,000. Information regarding the partnership records prior to the admission of Foster is located in the table.

	Duncan	Evan
Capital balance	$125,000	$75,000
Profit sharing ratio	3	2

Required - Make the journal entry to admit Foster into the partnership. Show calculations.

Reference no: EM132821591

Questions Cloud

Prepare the operating activities section of the statement : Sheridan Company reported net income of $199,300. Prepare the operating activities section of the statement of cash flows for 2019. Use the indirect method.

Event affected the ethical culture : How has this event affected the ethical culture here in the United States? What other affect has it had on society as a whole?

What are the proceeds from issuing the bond : A company issues a 5-year, The effective market interest rate at the time 1 poir of issuance is 6%. What are the proceeds from issuing the bond?

Further exercises-qualitative process analysis : Address the following: Exercise 6.7 - Pharmacy Fulfillment Process described in Exercise 1.6 (p.28&29)

Make the journal entry to admit Foster into the partnership : Foster will receive a 40% share of the business for a cash investment of $200,000. Make the journal entry to admit Foster into the partnership

Discuss the nature of the deming philosophy : Discuss the nature of the Deming Philosophy. Evaluate all 14 points and discuss each one in detail.

Research on leadership succession : What is the best summary of findings in research on leadership succession?

Explain what purpose does federal trade commission serve : Explain What purpose does the Federal Trade Commission serve and why must business owners be educated on Federal Trade Commission practices?

What are the implications for employee motivation : What are the implications for employee motivation with this type of leadership? What other styles of leadership might be complementary to that described in the

User Account

All Pages