Prepare the journal entry to record the admission

Assignment Help Financial Accounting
Reference no: EM132786165

Questions -

a) With the consent of the other partners, Parker decides to sell one half of his $30,000 interest in the ABC Partnership to Lopez privately for $14,000. Prepare the journal entry to record the transaction.

b) Mung and Long allow Kang to join their partnership for a $50,000 cash investment. The recorded value of the partnership equity being purchased by Kang is $40,000. Assume the partners have no agreement for sharing profits and losses. Prepare the journal entry to record the admission of Kang to the partnership.

Reference no: EM132786165

Questions Cloud

Explain how major element of cinematic design put together : Explain how the major elements of cinematic design are put together in the film Pan's Labyrinth(Spain/Mexico, 2006) and try to summarize in a few words
Identify two strategies you can implement to provide comfort : Identify two strategies you can implement to provide comfort to maintain function with an ethnically diverse older adult with a chronic disease?
What it means to have efficient capital market : he purpose of this assignment is to allow the student an opportunity to explain what it means to have an efficient capital market. S
How the major elements of cinematic design are put together : How the major elements of cinematic design are put together in the film Pan's Labyrinth(Spain/Mexico, 2006) and try to summarize in a few words
Prepare the journal entry to record the admission : Assume the partners have no agreement for sharing profits and losses. Prepare the journal entry to record the admission of Kang to the partnership
Unit 6 Mechatronics Assignment : Unit 6 Mechatronics Assignment Help and Solution, Higher National Certificate/Diploma in Mechanical Engineering - Assessment Writing Service
When would you consult with the nurse informaticists : When would you consult with the nurse informaticists? What role does the nurse informaticists play in primary care? What qualifications and credentialing are.
Geographic boundaries of a market : Examine the issues involved in defining the geographic boundaries of a market.
Transformational theory leader-member theory : How would you apply the transformational theory leader-member theory (LMX) to improve an organization's performance?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare an income statement using absorption costing

On January 1 of the current year, Townsend Co. Prepare an income statement using absorption costing. Prepare an income statement using variable costing.

  What amount reported as net cash inflow from operating

How to Make the operating activities section of the statement of cash flows, what amount will be reported as net cash inflow from operating activities for 2019?

  Master manufacturing overhead budget

The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, thus, can be ignored.

  Parent company used the fifo method of inventory valuation

Parent company used the FIFO method of inventory valuation. Using the complete equity method, what are the journal entries and workpaper entries for 2016.

  Indicate adequately the position of bondholders

An investor argues that a Bargain generated from an acquisition should be recognized in the same manner as goodwill. Using the Codification, how can you refute the statement? In some cases parent-entity financial statements may be needed, in addition..

  In mortensons single-step income statement-gross profit

For Mortenson Company, the following information is available: In Mortenson's single-step income statement, gross profit

  Make journal entries to adjust the books of cecil company

Cecil Company as of June 30, 2018, the end of the company. Prepare journal entries to adjust the books of Cecil Company at June 30, 2018.

  Create journal entries at time of lease commencement

Lessor receives annual lease payments of $30,000, payable at lease commencement. Prepare the journal entries at the time of the lease commencement

  How much money will be in the account at the end

Jane Farber places $800 in a savings account paying 6% interest compounded annually how much money will be in the account at the end of five years

  What is the present value of $26,000

If you were offered $26,000 in 28 years and can earn 11 percent on your money what is the present value of $26,000?

  Describe the components needed in cash flow statements

Identify the components needed in cash flow statements. Explain the benefits of cash-flow analysis and any problems that could arise if it is not conducted.

  Calculate depreciation expense per mile

Calculate depreciation expense per mile under units-of-activity method - depreciation method for each bus, and various methods were selected. Information concerning the buses is summarized below.

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