User Account

All Pages

Richard retires receiving 60000 cash from the partnership

Assignment Help Accounting Basics
Reference no: EM13590064

Johann, Josef, and Richard are partners in the Strauss Partnership with the following capital and profit and loss:

  • Johann 25% $28,000
  • Josef 25% $32,000
  • Richard 50% $40,000

Richard retires receiving $60,000 cash from the partnership in full settlement of his partnership interest. What will Johann and Josef's capital balances be after Richard's retirement. No goodwill is recorded.

  • Johann = $18,000; Joseph = $22,000
  • Johann = $28,000; Joseph = $32,000
  • Johann = $10,000; Joseph = $10,000
  • Johann = $38,000; Joseph = $42,000

Reference no: EM13590064

Questions Cloud

If the store refuses to pay more than 800 per unit but is : molly jasper and her sister caitlin peters got into the novelties business almost by accident. molly a talented
Te two balls swing apart until each makes an angle of 21 : two styrofoam balls each with a mass of 335 mg and carrying the same electric charge are suspended from a common point
Jones company owns 100 of bruce inc and appropriately : jones company owns 100 of bruce inc. and appropriately applies the equity method. during the current year jones sold
Flexibility timeless and forward looking are said to be the : flexibility timeless and forward looking are said to be the prominent traits of modern management accounting whereas
Richard retires receiving 60000 cash from the partnership : johann josef and richard are partners in the strauss partnership with the following capital and profit and lossjohann
The sarbanoes-oxley act of 2002 sox has emphasized the : the sarbanoes-oxley act of 2002 sox has emphasized the importance of ethical behavior and codes of conduct. discuss the
Dexter companys costs were over budget by 56000 the dexter : dexter companys costs were over budget by 56000. the dexter company is divided in two regions. the first regions costs
Wedd corporation had 35000 of raw materials on hand on may : wedd corporation had 35000 of raw materials on hand on may 1. during the month the company purchased an additional
Describe how the perpetual inventory system works what are : describe how the perpetual inventory system works. what are some advantages of using the perpetual inventory system? is

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