What is the bonus of n in the new partnership assuming bonus

Assignment Help Financial Accounting
Reference no: EM132927665

J, H, and N are partners with present capital balances of $40,000, $50,000 and $20,000 respectively. The partners share profits and losses according to the following percentages: 50% for A, 20% for B, and 30% for C. D is to join the partnership upon contributing $55,000 to the partnership in exchange for a 35% interest in capital and a 20% interest in profits and losses.

An appraisal of the existing partnerships' assets reveals the following:

Accounts Receivable 20,000 overvalued;
Inventory 10,000 overvalued; Land 10,000 undervalued;
Building 15,000 undervalued.

Problem 1: What is the bonus of N in the new partnership assuming bonus method?

Reference no: EM132927665

Questions Cloud

Create the journal entries required to record the purchase : Create the journal entries required to record the purchase of the asset and the first-year depreciation under IFRS, assuming component depreciation.
Record this transaction : The cost of the land for Duran Company is $1,500,000. Record this transaction during 2020, 2021, 2022, and 2023
What is the capital balance of h in the new partnership : What is the capital balance of H in the new partnership assuming bonus method? J, H, and N are partners with present capital balances of $40,000, $50,000.
COU203A Applied Counselling Assignment : COU203A Applied Counselling Assignment Help and Solution, Torrens University Australia - Assessment Writing Service
What is the bonus of n in the new partnership assuming bonus : J, H, and N are partners with present capital balances of $40,000, What is the bonus of N in the new partnership assuming bonus method?
Mediation reflection report assessment : Identify and describe what was causing this conflict and how this conflict was manifested and Explain how the mediation approach/model used was effective
What is the initial investment in the product : The product requires an immediate investment of $50,000 in plant and equipment. What is the initial investment in the product
Establishing performance management standards : 1) Which of the following is the LEAST critical in establishing performance management standards?
Explain promotion and disease prevention : Consider a public health policy or government regulation that influences promotion and disease prevention. Explain the policy and describe the way in which it i

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the finance charge of this loan

A loan of 220 000 € is being repaid by 8 equal annual installments made at the end of each year. Determine the finance charge of this loan

  Allocation for manufacturing overhead

Squire Corporation charged Job 110 with $ 14100 of direct materials and $ 12 comma 200$12,200 of direct labor. Allocation for manufacturing overhead is 80?% of direct labor costs. What is the total cost of Job? 110?

  Calculate the p-value for the hypothesis test

Calculate the p-value for the hypothesis test in Part (a) and carry out the test using the p-value method at the 5% level of significance

  Complete a recommendation form

Complete a Recommendation Form and an Impact Form for at least one of the recommendations to explain your planning process to Adam and Kate.

  Compute what logical arguments might use to convince

Determine What logical arguments might use to convince your boss to forego the project despite its high rate of return? Is it possible that making investments

  How would this error affect the equality of trial balance

Assume that Sunshine Realty Co. borrowed $300,000 from Columbia First Bank and Trust. How would this error affect the equality of trial balance

  Prepare a value added statement for the year

Prepare a value added statement for the year ended on 31-3-2012 and also reconciliation and GVA - Sales represents net sales after adjusting discount and return

  The capital investment under consideration

Suppose your company needs to raise $10 million to construct a a new manufacturing facility. You are the Treasurer and have recommended to the CFO that the company raise $10 million by selling 30-year, $1,000 par value bonds with a coupon rate of 6%...

  Two divisions and the common communications network

Single versus Dual Rates (LO 12-6) Packages-2-Go has two divisions, air express and ground service, that share the common costs of the company’s communications network, which are $4,070,000 a year. You have the following information about the two div..

  Prepare the journal entry moonshine will record on the day

MoonShine Company signed a note for $85,000 to purchase a new piece of equipment. MoonShine will pay the $85,000 back at the end of two years along with any accrued interest. The annual interest rate on the loan is 6%.1. Compute the present value of ..

  Discuss the types of liabilities intel has incurred

Discuss the types of liabilities Intel has incurred.Which liabilities are the most significant to the company? Have there been significant changes to the liability and equity structure from 2003 to 2004?

  How transaction would be reflected in financial statements

Explain why Believer believes this lease should be categorised as a finance lease. You should refer to relevant international accounting standards to justify your answer.

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd