User Account

All Pages

What journal entry is recorded

Assignment Help Financial Accounting
Reference no: EM132885270

The Distance Plus partnership has the following capital balances at the beginning of the current year:

Tiger (50% of profits and losses) $85,000

Phil (30%) 55,000

Ernie (20%) 70,000

Each of the following questions should be viewed independently.

Problem 1: If Sergio invests $90,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used.

Problem 2: If Sergio invests $64,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used.

Problem 3: If Sergio invests $72,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

Reference no: EM132885270

Questions Cloud

Calculate the weighted average interest rate : Dexter had a 12%, 5-year, $3 million note payable and a 10%, 10-year, $1.8 million note payable outstanding all year. Calculate weighted average interest rate
What is the before-tax cost of capital for debt financing : The net proceeds (proceeds after flotation costs) are $979 for each $1,000 bond. What is the before-tax cost of capital for this debt financing?
What is value today if a six percent discount rate : If a 6 percent discount rate is appropriate for this stock, what is its value today? A fast-growing firm recently paid a dividend of $0.30 per share.
Compute Nabokov cost of the land acquired : Faulkner also paid Nabokov $2,000 in cash. Compute Nabokov's cost of the land acquired and any gain or loss on the exchange
What journal entry is recorded : If Sergio invests $64,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used
The concerts can be any popular music performance : The concerts can be any popular music performance in which you can listen actively to the performance.
The staffing dilemma case : Draft an advertisement for this position that will appear in a local or professional periodical - role play in which you and Franklin interview Grant
Prepare the entry to record the acquisition of the asset : Marshall Inc. purchased equipment for $1,000,000 that was to be used in various toxic chemical processes. Prepare the entry to record the acquisition of assets
The purpose of functional behavior : The purpose of a functional behavior assessment is to determine when, where, and why a student is engaging in challenging behaviors.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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