Prepare the journal entries to record the admission of louis

Assignment Help Financial Accounting
Reference no: EM132966296

Sanchez and Sayles were partners with capital account balances of $90,000 and $110,000, respectively. Louis directly paid $36,000 to Sanchez and $42,000 to Sayles for 25% of their interests in the partnership. Sanchez and Sayles shared income in the ratio of 2:3. They believed that revaluation of the partnership was appropriate when a new partner was admitted.

Problem 1: Prepare the journal entries to record the admission of Louis to the partnership.

Reference no: EM132966296

Questions Cloud

Which alternative is cheaper : If the current interest rate is 6% per annum compounding quarterly, which alternative is cheaper? You are about to sign a 12 month lease agreement to rent.
What is the maximum price : If your required rate of return is 13 percent, what is the maximum price that you would be willing to pay for this company's stock
What was the required journal entry at the beginning of year : What was the required journal entry at the beginning of the year? The board of commissioners of the city of Madison adopted a general fund budget for the year
Determine the amount of net income allocated to each partner : Martinez and Peters established a partnership on January 1, 2020. Determine the amount of net income allocated to each partner for 2021
Prepare the journal entries to record the admission of louis : Prepare the journal entries to record the admission of Louis to the partnership. Sanchez and Sayles were partners with capital account balances of $90,000
Prepare journal entries to record transactions for helpers : The association purchased office equipment. Prepare journal entries to record the transactions. Also, indicate which fund will be used for each entry.
What is the Eastman estimated WACC : Eastman's cost of equity is 12%, cost of debt is 6%, and the tax rate is 35%. The debt to equity ratio is 0.75. What is the Eastman's estimated WACC
What is the value of the share : A preference share pays dividends totalling $7.00 per year, with dividends paid quarterly. What is the value of the share if the required rate of return is 8.1%
What is wells fargo international business strategy : What is Wells Fargo's international business strategy. Please include reliable sources

Reviews

Write a Review

Financial Accounting Questions & Answers

  Examine the validity of learner claims

Examine the validity of Learner's claims regarding the impact of internal and external debts considering cases in Fiji you are familiar with.

  Compute overhead cost to activity-based costing system

Compute the overhead cost, according to the activity-based costing system, of a job that involves installing 1.8 squares.

  What is the total future value six years from now

What is the total future value six years from now of $50 received in one year, $200 received in two years, and $800 received in six years?

  Calculate the average rate of return

Calculate the average rate of return, the net present value, profitability index, the internal rate of return, which project should be accepted? why?

  What is the cost of the marginal bad debts

What additional profit contribution from sales will be realised from the proposed change and What is the cost of the marginal investment in accounts receivabl

  What are the advantages of flexible budget

Considering our current economic conditions should a business or a person create a flexible budget? What are the advantages of a flexible budget? How does a business create flexible budgets?

  Illustrate what is the price of this stock today given

after which the company will keep a constant growth rate forever. Illustrate what is the price of this stock today given a required return of 12 percent?

  Calculate the midpoint of bid ask prices at time of trade

Calculate the 'midpoint of bid ask prices at time of trade' benchmark? The market opens at 9:30 AM, at which point 15,000 shares of ABC stock trade

  Differences between the two accounting systems

Question - In this assignment compare U.S. GAAP vs. IFRS for investments. Describe the main differences between the two accounting systems

  What the adjusting entry at the end of the first year

On 1 January a company purchased a five-year insurance policy for RM1,800 with coverage starting immediately. What the adjusting entry at the end of first year

  What are the ethical issues involved as a result of the sale

If you were the accountant of this organisation, what action (if any) would you take? Why? What are the ethical issues involved as a result of the sales

  Explain the Efficient Market Hypothesis

Question - Please explain the Efficient Market Hypothesis (EMH) and illustrate its relation to the CAPM. Outline the main pieces of empirical evidence

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