User Account

All Pages

Provide the journal entry for the asset revaluation

Assignment Help Accounting Basics
Reference no: EM132878186

Problem - Admitting a new LLC member with bonus - HealthSource, LLC, consists of two doctors, Drew and Moore, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Mann has been asked to join the LLC. Prior to admitting Mann, the assets of HealthSource were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by $35,000. Prior to the revaluation, the equity balances for Drew and Moore were $201,000 and $289,000, respectively.

Required -

a. Provide the journal entry for the asset revaluation.

b. Provide the journal entry for the bonus under the following independent situations:

1. Mann purchased a 30% interest in HealthSource, LLC, for $285,000.

2. Mann purchased a 25% interest in HealthSource, LLC, for $155,000.

Reference no: EM132878186

Questions Cloud

Characteristic of a particular social-ethnic or age group : Culture can be defined as, "the behaviors and beliefs characteristic of a particular social, ethnic, or age group" (dictionary.com, n.d.). Understanding the cul
Describing effective counterespionage program : Write a paper describing an effective counterespionage program for a large software development company.
Describe stereotypes that contribute to xenophobia-ageism : Describe three stereotypes that contribute to xenophobia and ageism?
Provisions that are established in the laws for employees : 1. Establishes the applicability to all those who could be employed in an organization of the:
Provide the journal entry for the asset revaluation : The equity balances for Drew and Moore were $201,000 and $289,000, respectively. Provide the journal entry for the asset revaluation
Ways to turn relationship conflict into task conflict : Why is task conflict more productive in groups than relationship conflict and what are some of the ways to turn relationship conflict into task conflict
Industrial relations-collective bargaining : 1. Why the management should prepare a contingency plan in case of deadlock leading to a strike?
Discuss philosophical school of thought of transcendentalism : Discuss the philosophical school of thought of transcendentalism.What are some of the values and beliefs that transcendentalists conform with?
Provide the journal entry to admit Lane into the partnership : Andrew Hall and Brian Li formed a partnership to provide landscaping services. Provide the journal entry to admit Lane into the partnership

Reviews

Write a Review

Accounting Basics Questions & Answers

  Overhead costs at year-end

Should any of the overhead costs at year-end be added to Job W? If so, how much? Explain.

  What is the efficiency usage variance

Milton Company uses a standard cost system. For direct labor, what is the efficiency (usage) variance? Answers are labeled as favorable (F) or unfavorable (U).

  Provide and record the journal entries required for tch

Provide and record the journal entries required for TCH's remeasurement and draft the required disclosures and revisions to the comparative consolidated financial statements assuming DHI reports using US GAAP.

  What is the minimum amount that jack will have

During 2019, Jack Harris sells a capital asset with an adjusted cost base of $87,200 for proceeds of $105,300. He receives a down payment of $5,300 in 2019.

  Chris hargrove is the owner of ap instant replay

Chris Hargrove is the owner of AP Instant Replay, a consignment shop for used sporting goods. Chris accepts consigned goods and offers them for sale to the general public.

  Some people make very high returns on stock markets

How do you explain the fact that some people make very high returns on stock markets?

  What is the reason behind capitalizing expenses

What is the reason behind capitalizing expenses? What accounting principle rests behind this accounting treatment? How does this favor a business financially?

  Tyrene products manufactures recreational equipment one of

tyrene products manufactures recreational equipment. one of the companys products a skateboard sells for 32. the

  How much in social security tax should jacob pay

How much in social security tax should Jacob pay? (Round your final answer to 2 decimal places.).How much in Medicare tax should Jacob pay?

  Prepare journal entries for on the date of transaction

Prepare journal entry (ies) for on December 31, 2021 to record any resultant amortization. Prepare journal entries for on the date of transaction.

  How much mary need to borrow to maintain minimum balance

Mary's Bed and Breakfast needs to keep a cash balance of at least $10,000. How much will Mary need to borrow to maintain the minimum cash balance

  Prepare an amortization schedule

Grace uses the effective-interest method for amortizing debt. Her ski hill company's year-end will be June 30. Prepare an amortization schedule for the 5 years

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