Prepare the journal entry to record the admission of nillsen

Assignment Help Accounting Basics
Reference no: EM131792981

Question - The Josetti partnership has total partners equity of $558,000, which is made up of Dopke, Capital, $392,000, and Hughes, Capital, $166,000. The partners share net income and loss in a ratio of 85% to Dopke and 15% to Hughes. On November 1, Nillsen is admitted to the partnership and given a 10% interest in equity and a 10% share in any income or loss. Prepare the journal entry to record the admission of Nillsen under each of the following separate assumptions: Nillsen invests cash of (1) $62,000; (2) $97,000; (3) $32,000.

Reference no: EM131792981

Questions Cloud

What percentage of voters chose vladimir putin : Would it be inappropriate to find a confidence interval for the proportion of voters choosing Putin? Why or why not?
Prepare journal entry to record the second monthly payment : Glen Pool Club, Inc., has a $ 150,000 mortgage liability. Prepare the journal entry to record the second monthly payment
Determine the relevant range of activity for this product : Calculate the variable cost per unit within the relevant range. Indicate the fixed cost within the relevant range
What amount should james report as total infrequent losses : In its 2012 income statement, what amount should James report as total infrequent losses that are not considered extraordinary
Prepare the journal entry to record the admission of nillsen : Prepare the journal entry to record the admission of Nillsen under each of the following separate assumptions: Nillsen invests cash of (1) $62,000
Discuss what is the equity income in steinbart : What is the equity income in Steinbart to be reported by Alex in 2015
Determine the impact on profits next year : Polaski Company has no assurance that the retail chain will purchase additional units in the future. Determine the impact on profits next year
What is the amount of outstanding checks : In the month of November, Hickcox Company Inc. wrote checks in the amount of $9,072. What is the amount of outstanding checks at the end of November
What proportion of the respondents believed it morally wrong : Find a 95% confidence interval for the population proportion who believed it is morally wrong to clone humans. Assume that Gallup used a simple random sample.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the null hypothesis

The owner of the store from Chapter 12, Exercise 1, wants to know if the mean age of all customers is 25 years old. a) What is the null hypothesis? b) Is the alternative one- or two-sided?

  Effect on the price and quantity of minivans

Consider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw the diagram to show the effect on t..

  How is this appropriate person to interview determined

As you know, one of the most important aspects of evaluating the quality of management during an audit is to identify the appropriate person to interview

  What is andrea recognized gain on the sale

Assume total of $126,000 depreciation was taken (prior to the sale). What is Andrea's recognized gain on the sale

  What you understand by the term going concern

Briefly describe what you understand by the term 'going concern' and state the minimum period you would expect the company to continue in business for it to be considered a going concern.

  Determine the interest rate of the note

Given the following information concerning a promissory note: Principal $3,300, Determine the interest rate of the note

  Internal auditor doing compliance audits

The district hired a person with a CPA license, degree in accounting and experience as an internal auditor doing compliance audits.

  What is the variable cost per unit

Thomas Train has collected the following information over the last six months. Using the high-low method, what is the variable cost per unit

  Charitable contribution deduction limitation

During the year, he made the following contributions to recognized public charities: $5,000 cash 1,000 shares of Able Corporation common stock, acquired in 1979 (cost and fair market value of $7,000) Considering the charitable contribution deducti..

  Leeds architectural consultants uses a job-order costing

leeds architectural consultants uses a job-order costing system and applies studio overhead to jobs on the basis of

  Discuss effect of each transaction during month of october

Indicate the effect of each transaction during the month of October 2016 and the balances for the accounting equation after all transactions have been recorded

  Current year projected income statement

Top executive officers of Leach Company, a merchandising firm, are preparing the next year's budget. The controller has provided everyone with the current year's projected income statement

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