User Account

All Pages

What is the balance of the remaining partners

Assignment Help Accounting Basics
Reference no: EM132654279

Peter, Tom, and Jason have capital balances and profit-and-loss sharing ratios as follows:

Peter (10%): 100,000

Tom (50%): 400,000

Jason (40%): 200,000

Required (show all your calculations):

Question 1. Tom retires and is paid $450,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital of the remaining partners?

Question 2. Tom retires and is paid $500,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital of the remaining partners (assume the excess payment is used to revalue the whole partnership capital)?

Question 3. Peter retires and is paid $91,000. If the bonus method is used what is the capital of the remaining partners?

Question 4. Jason retires and is paid $150,000. If overvalued assets are written down before the payment, what is the balance of the remaining partners?

Reference no: EM132654279

Questions Cloud

Determine cassandra deduction for business use of the van : Cassandra owns her own business and drives her van 15,000 miles a year. Determine Cassandra's 2020 deduction for business use of the van.
Muscle tension in cardiac contractile muscle : Muscle tension in cardiac contractile muscle can be increased by temporal summation.
Compute the budgeted amount for purchases of direct material : The budgeted financial statements of science Development. Compute the budgeted amount for purchases of direct materials during the year.
Summarise the advantages of a DBMS to the organisation : Demonstrate the knowledge and skills you have acquired throughout this unit by designing and creating a functional database application that addresses the tasks
What is the balance of the remaining partners : Jason retires and is paid $150,000. If overvalued assets are written down before the payment, what is the balance of the remaining partners?
Calculate estimated cash collected from accounts : Prepare a schedule of Accounts receivables to calculate estimated cash collected from accounts receivables for the months of June and July
What are the journal entries for the transactions : What are the journal entries for the transactions that were not previously recorded. Allan indicates that, at year-end, customers owe him $1,000 accrued service
Why genome annotation is the most important process : Why genome annotation is the most important process used to assign a meaning to the genome. What can we do once we know more about a phage genome?
Define lone wolf terrorist : Define a "lone wolf" terrorist and describe which DHS agencies would play a role in locating and apprehending these attackers,d

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss dilution of management control

The bonds represent the riskier choice since interest has to be paid even if the company falls on hard times

  Define each of the accounting terms

Define each of the following - bond, treasury, note, risk-free rate of return, par value, coupon rate, coupon payment, period coupon payment.

  How much will the account be worth on Mary birthday

On Alex 16th birthday, her parents invest on her behalf an amount of $4,000 into an account. How much will the account be worth on Mary's 21st birthday

  Prepare journal entries for the preceding transactions

During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, Prepare journal entries for the preceding transactions

  Reamer company uses a predetermined overhead

Reamer Company uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The company has provided the following estimated costs for next year

  A stock subscription for 4000 shares of 5 par common stock

a stock subscription for 4000 shares of 5 par common stock at 10 per share was accepted .upon receipt of the balance

  What is its level of inventory

Soaring Eagles Corp. has total current assets of $11,884,000, current liabilities of $5,374,000 and a quick ratio of 0.86. What is its level of inventory

  How much if any gain does que realize on the swap

Que trades that land for a new piece of land worth $26,000. The other party buyer assumes Que's mortgage. How much if any gain does Que realize on the swap?

  What activities would make up the marketing and

what activities would make up the marketing and distribution component of the value chain of a local fire

  Strategies for building effective relationships paper

Your uncle owns a midsized manufacturing business for which you worked between high school graduation and college. You were involved in many nonmanagerial operations, from distribution to manufacturing experience. As a new graduate, you seek emplo..

  What is the amount of the residual interest of the business

If the total owner's equity is P580,000 which is ¼ of the total assets, what is the amount of the residual interest of the business?

  Rob judson company had the following transactions

Rob Judson Company had the following transactions involving notes payable.

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