What is the amount credited to kents capital account

Reference no: EM131908616

Problem

Mace and Bowen are partners and share equally in income or loss. Mace's current capital balance is $147,000 and Bowen's is $130,000. Mace and Bowen agree to accept Kent with a 30% interest in the partnership. Kent invests $127,000 in the partnership. What is the amount credited to Kent's capital account?

Reference no: EM131908616

Questions Cloud

Assignment on depression : Imagine your 19 year old cousin has recently gone through many changes in his life and you suspect he is suffering from major depression.

Define professional boundaries-boundary crossing : Define professional boundaries, boundary crossing, and boundary violations. What effects do boundaries have on therapeutic relationship?

Discuss the limitations of internal control : Discuss the limitations of Internal Control. Why are internal controls not a guarantee that all is above board?

What is the current market value for machine a : What is the current market value for machine A that would make the two machines equally attractive at an interest rate of 12% per year?

What is the amount credited to kents capital account : Mace and Bowen are partners and share equally in income or loss. What is the amount credited to Kent's capital account?

How does full employment reduce the cost of deterring crime : Assume the acquisition of computers by the police increases the force's efficiency. How would Figure 12.7 change? Assume the acquisition of computers.

Investigate the option of implementing a database system : Investigate the option of implementing a database system. Accordingly, they hired you to design a relational database to better track and record their operation

How much revenue should maas recognize in the first year : Maas LLP developed software that helps farmers to plow their fields in a manner. How much revenue should Maas recognize in the first year of the contract?

Can corporations be punished beyond the value of the asset : What does it mean to say that a corporation intends to do something? Can corporations be punished beyond the value of their assets?

User Account

All Pages