User Account

All Pages

Show the transaction from the partnership

Assignment Help Accounting Basics
Reference no: EM132704672

Question - Tarantino, Hodgson and McGuire have a partnership where they share profits and losses equally. Each partner has a $30,000 balance in their capital account.

a. Show the transaction if Hodgson withdraws (May 10th) from the partnership and McGuire and Tarantino purchase his share for $20,000 each out of their own personal assets. Record journal entries.

b. If the partnership itself pays $40,000 worth of its own cash for Hodgson's share, who gets the bonus? How much?

Reference no: EM132704672

Questions Cloud

Which penalty for person if have involve in accounting fraud : Which the penalty for the person below if have involve in accounting fraud? auditors, / the company, / management, / the shareholders and / relevant parties
Forced merger of government agencies : Compare and contrast the arguments surrounding the forced merger of government agencies.
Explain the type of fictional public organization : Create, describe, and explain the type of fictional public organization.
Discuss the process that nicole should follow : Discuss the process that Nicole should follow to solve the problem. The response must be typed, double spaced, times new roman.
Show the transaction from the partnership : Show the transaction if Hodgson withdraws (May 10th) from the partnership and McGuire and Tarantino purchase his share for $20,000 each out
Develop a whs training budget in one of the organization : Develop a WHS training budget in one of the organization. Make sure you include all development costs, delivery costs and incidental costs if applicable.
Discuss one of earliest accounts of policing : Discuss one of earliest accounts of policing. Indicate whether or not the crime fighting methods from these early accounts are used today.
Complexities of different types of business structures : Explain different types and purposes of organisations: public, private and voluntary sectors. Examine different legal structures in the Private Sector
How do find what is common stock value : What is common stock value (V)? Common Stock Valuation Situation S: Richard Tailor is interested in finding the value of a corporate

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