Reference no: EM13900315
Part 1. Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows: Meir, $ 168,000; Benson, $ 138,000; and Lau, $ 294,000. Benson decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Benson's retirement. Prepare journal entries to record Benson's February 1 withdrawal from the partnership under each of the following separate assumptions: Benson
(a) Sells her interest to North for $ 160,000 after Meir and Lau approve the entry of North as a partner;
(b) Gives her interest to a son in law, Schmidt, and thereafter Meir and Lau accept Schmidt as a partner;
(c) Is paid $ 138,000 in partnership cash for her equity;
(d) Is paid $ 214,000 in partnership cash for her equity;
(e) Is paid $ 30,000 in partnership cash plus equipment recorded on the partnership books at $ 70,000 less its accumulated depreciation of $ 23,200.
Part 2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each of the following separate assumptions: Rhode invests
(a) $ 200,000;
(b) $ 145,000;
(c) $ 262,000.
|
Describe the optimal consumption choices
: suppose that a consumer's preference between the good x and y are represented by the utility function u(x,y)= x+y. If these two goods have the same price, describe the optimal consumption choices of this consumer.
|
|
Describe a real government policy in the context
: Describe a real government policy in the context of macroeconomic principles. Spend one or two pages telling about its history, the economic problem it intended to tackle and the intended goals. Who were the agents pushing it forward? Who was against..
|
|
Psychology essay-consciousness
: Psychology Essay-Consciousness, There are several classes of psychoactive drugs. Different classes of drugs may have different impacts on behavior and different physical effects
|
|
Two identical firms have access to a spring
: Two identical firms have access to a spring. Their marginal cost of bottling water from the spring is a constant 10¢ per bottle. The market demand for bottled spring water is P=250−20Q, where P is the price (in cents per bottle) and Q is the quantity..
|
|
Meir benson and lau are partners and share income
: Assume that Benson does not retire from the partnership described in Part 1.
|
|
Reproduce the journal entry of patent purchases recorded
: Reproduce the journal entry of patent purchases recorded for 2004. Reproduce the adjusting journal entry for amortization expense recorded for 2004.
|
|
Price sensitivity
: Price sensitivity: Many goods and products are now made overseas in countries where labor is cheap. Highly paid workers here in the USA – especially unionized workers -cannot compete with factory workers in countries like China, Taiwan, Vietnam, Indi..
|
|
How the effect of discrimination on wages
: Who benefits and who loses from this discrimination? Show the effect of discrimination on wages and employment in both occupations and on total output in each. (Hint: have one graph for nurses, and a separate for doctors.)Need someone to help me with..
|
|
Estimate percent of remaining life of depreciable property
: Estimate the percent of remaining life of depreciable property and equipment, assuming straight-line depreciation and no residual value. Round to one decimal place.
|