User Account

All Pages

Terrells cash investment and the bonus to the new part

Assignment Help Accounting Basics
Reference no: EM131765938

At April 30, partners' capital balances in PDL Company are G. Donley $49,400, C. Lamar $50,800, and J. Pinkston $15,400. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner.

Journalize the admission of Terrell under each of the following independent assumptions.

(1)Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $17,000 in cash.(2)Terrell purchases 331/3% of Lamar's ownership interest by paying Lamar $14,600 in cash.(3)Terrell invests $60,400 for a 30% ownership interest, and bonuses are given to the old partners.(4)Terrell invests $42,600 for a 30% ownership interest, which includes a bonus to the new partner.

lamar's capital balance is $33,800 after admitting Terrell to the partnership by investment. If Lamar's ownership interest is 20% of total partnership capital, what were (1) Terrell's cash investment and (2) the bonus to the new partner?

(1) Terrell's cash investment $

(2) Bonus to new partner

Please help with me this assignment and keep to format from being to confusing

Reference no: EM131765938

Questions Cloud

Reflect on the concepts and theories you have researched : Reflect on the concepts and theories you have researched and learned about over the course of the past several weeks.
Explain the theoretical perspectives and empirical research : Explain the theoretical perspectives and empirical research that are pertinent to the field of learning and cognition.
Prepare journal entries for the establishment of the fund : The fund is reimbursed when the cash in the fund is at $15. Prepare journal entries for the establishment of the fund and the reimbursement
What is sonic kinetic energy : Sonic the Hedgehog weighs 5kg and is falling from a height of 50 m onto a spring which will be compressed 1m before launching him back to his original height.
Terrells cash investment and the bonus to the new part : Journalize the admission of Terrell under each of the following independent assumptions.
What tangibles will be measured : What tangibles will be measured, and you will explain why this is important to the process. Your paper should be a minimum of 3 pages.
Measuring flow of water along a pipe : A Venturimeter is used for measuring flow of water along a pipe. The diameter of the Venturi throat is two fifths the diameter of the pipe
Evaluate the change in the cost of energy : The costs of energy consumed in producing good units in the Bottling Department were $31,710 and $34,237 for August and September, respectively.
What is its final speed just before the catch : The ball thrown straight up is caught by your roomie 2.10s after you released it at a height of 10.1m above the point where you released it.

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