What was is the balance of irving capital account

Assignment Help Financial Accounting
Reference no: EM13144042

On November 30,capital balances are Gast $120,000,Cook $100,000 and Irving $100,000.The income ratios are 20%,20%and 60%respectively.Gast decides to retire from the partnership.The partnership pays Gst $100,000 cash for her partnership interest.After Gast's retirement ,what was is the balance of Irving's capital account ?

Reference no: EM13144042

Questions Cloud

Termination of a partnership for federal tax purposes : Which of the following transactions will not result in termination of a partnership for federal tax purposes? a) The partnership is incorporated. b) A 70% interest in partnership capital and profits is sold to a third party purchaser.
What is the molarity of the iodine solution : A solution of I2 was standardized with ascorbic acid. Using a 0.100 g sample of pure ascorbic acid, 25.32 ml of I2 were required to reach the starch end point.
Write a one-page policy brief that addresses the questions : Write a one-page policy brief that addresses the questions above and write in paragraph form and do not number the paragraphs.
What is the first step in the reaction sequence of aldol : What is the first step in the reaction sequence of Aldol reactions under basic conditions? a. Removal of the aldehyde proton b. Removal of an alpha proton to form the enolate
What was is the balance of irving capital account : The partnership pays Gst $100,000 cash for her partnership interest.After Gast's retirement, what was is the balance of Irving's capital account ?
Calculate the ph of a buffer : Calculate the pH of a buffer made with 0.50M phosphoric acid and 0.75M sodium dihydrogenphosphate. Ka = 7.5 x 10-3.
Check all that apply water is important to life because : Check all that apply Water is important to life because: - it does not dissolve certain substances - it causes brownian motion - it is colorless and odorless
What is the amount of the cash discount allowable : Merchandise subject to terms 1/10 n/30, FOB shipping point, is sold on account to a customer for $18,000. The seller paid transportation cost pf $1000 and issued a credit memorandum for $5,000 prior to payment. What is the amount of the cash disco..
What is total value of sam permanent equity accounts : Year-to-date revenues are $702,498 and year-to-date expenses are $618,207. What is the total value of Sam’s permanent equity accounts as of June 30th?

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!

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