Partners who share profits

Assignment Help Financial Accounting
Reference no: EM13753146

Bob and Kathy are partners who share profits 60% and 40%. Their capital balances were both $60,000 before Donna was admitted to the partnership. Donna contributed $100,000 in cash to the partnership for a 30% interest. After Donna is admitted to the partnership, Bob will have a capital balance of $__________?

Reference no: EM13753146

Questions Cloud

About the taxable income : David and Doris Kelley were divorced on February 3, 2014. They lived apart during 2014. The divorce decree required David to make the following payments: Transfer full title to their jointly owned family home to Doris. Fair market value of the home i..
Share profits and capital balance : Mark, Andy, and Ron are partners who share profits 30%, 30%, and 40%. Their capital balances were $630,000, $420,000, and $210,000, respectively, before Ron's retirement. Ron was paid $330,000 from partnership assets to buy his interest. After Ron ha..
Account that pays simple interest : you invest $3000 in an account that pays simple interest of 2% for 20 years. how much will you have at the end of 20 years? $8000 invested at an APR of *% for 2 years. if interest is compounded annually, what is the amount of money after 2 years? $12..
Why are shares a source of system vulnerabilities : How does Microsoft Baseline Security Analyzer (MBSA) differ from Windows Update? Why are Shares a source of system vulnerabilities
Partners who share profits : Bob and Kathy are partners who share profits 60% and 40%. Their capital balances were both $60,000 before Donna was admitted to the partnership. Donna contributed $100,000 in cash to the partnership for a 30% interest. After Donna is admitted to the ..
What is the break-even point if the time horizon : What is the Break- Even Point or How many cupcake must be sold to break even, given a time horizon of one year? What is the break-even point if the time horizon is changed to two years?
How did pueblos revolt and metacomss war occur : How did Pueblos Revolt, Metacoms's War (King Philips War) and Bacon's Rebellion occur? What happened in each? How did it shape the future of Virginia?
Calculate the fixed asset turnover ratio : Using Hasbro’s 2010 Net Sales Revenue of $4,002 (million) and its Net Fixed Assets of $221 (million) at December 30, 2009, calculate the fixed asset turnover ratio for 2010. (Do not round intermediate calculations. Round your answer to 2 decimal plac..
Compute the amount of goodwill acquired by winans : On September 1, 2012, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000. At the time of purchase, Aumont’s balance sheet showed assets of $620,000, liabilities of $200,000, and owners’ equity of $420,000. The fair value of..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare a schedule of expected cash collections

Prepare a schedule showing expected cash disbursements for merchandise purchases and selling and administrative expenses for each of the months October, November, and December. (Omit the "$" sign in your response.)

  Prepare the sales revenues section of the income statement

Prepare the sales revenues section of the income statement based on this information.

  Show calculation of the amount of the gain or loss

Show the calculation of the amount of the gain or loss to be recognized by rogers. Prepare all entries that are necessary on april 3rd 2013.

  Amount of gain or loss- consolidated financial statements

Evaluate what amount of gain or loss should be reported on consolidated financial statements for 2010 and which of the subsequent will be included in a consolidation entry for 2011?

  Explain how much higher is the manager bonus

The net income after taxes is $11,200 for FIFO and $9,800 for LIFO. The tax rate is 30%. The bonus rate is 20%. Explain how much higher is the manager's bonus if FIFO is adopted instead of LIFO?

  Create an inventory purchase budget

Create an inventory purchase budget using the sales manager's estimate. and create an inventory purchases budget using marketing consultants estimate.

  Evaluated that the total estimated life

evaluated that the total estimated life should be 10 years with a salvage value of $5,490 at end of that time. Consider straight-line depreciation.

  Determine the total cost per unit

Determine the total cost per unit for each product using traditional job-order costing and determine the total cost per unit for each product using activity based costing

  Prepare an exchange rate forecast for the Zonolian ecru

As one of your first assignments as a new hire on the corporate treasurer’s staff of Global Enterprises, Ltd., you are asked to prepare an exchange rate forecast for the Zonolian ecru (ZOE). Specifically, you are expected to forecast what the spot ra..

  Determine variable factory overhead controllable variance

Determine variable factory overhead Controllable Variance, the fixed factory overhead volume variance, and total factory overhead cost variance. Use the minus sign to enter favorable variances as negative numbers.

  What is the revised depreciation expense for 2013

Don decides that the business will use the equipment for 5 years. What is the revised depreciation expense for 2013?

  How much of the must sherry include in income

Sherry just received her $15,000 payment for 2011. How much of the $15,000 must Sherry include in income?

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