User Account

All Pages

Provide journal entry to admit Solano into the partnership

Assignment Help Accounting Basics
Reference no: EM132785101

Problem - Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $78,000 and $46,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership at a 30% interest for a purchase price of $32,000.

a. Determine the recipient and amount of the partner bonus.

b. Provide the journal entry to admit Solano into the partnership.

c. Why would a bonus be paid in this situation?

Reference no: EM132785101

Questions Cloud

How would kants idea of what give an act moral worth apply : Discuss which school of thought would most approve of your course of action. How would Kant's idea of what give an act moral worth apply?
How waste product impacted life on earth : What is the product that photosynthetic organisms are making in this reaction and What does Cactus Rock look like - What does the rock look like from afar
Does the company need an organic or mechanistic structure : Singapore Airlines has both a functional and a divisional organizational structure which are the most common organizational type structures.
What amount be included in quarterly financial reports : Of that sum, P3,000,000 would relate to the period ending March 31, 2014. What amount should be included in quarterly financial reports ending March 31, 2019?
Provide journal entry to admit Solano into the partnership : Valeria Solano has expertise with using the computer to prepare landscape designs, Provide the journal entry to admit Solano into the partnership
Principal reasons for an annual performance : Sketch a rating scale (indicate the range and direction, low to high) and indicate at least five areas for review pertinent to your work.
What is required in order to classify as an entrepreneur : Define what you think are the requirements to be classified as an entrepreneurOne paragraph should address this in a manner that is explicit and specific.
Idea of servant leadership and help restore morale : Make a list of things you could do that would follow the idea of servant leadership and help restore morale
What total amount should be included in the determination : What total amount should be included in the determination of the net income or loss for the six-month interim period ended June 30, 2019?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd