What was is the balance of irving capital account

Assignment Help Accounting Basics
Reference no: EM131790704

Question - 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?

A) $88,000

B) $100,000

C) $112,000

D) $115,000

Reference no: EM131790704

Questions Cloud

Prepare the journal entry to record the exercise : Prepare the journal entry to record the exercise of the conversion option, using the book value method
Find the percentage of healthy women with temperatures : Find the percentage of healthy women with temperatures below 98.6°F (this temperature was considered typical for many decades).
Journal entry to record purchase of these trading securities : Prepare the July 1 journal entry to record the purchase of these trading securities
Relationship between the lratc curve and the sratc curves : This problem works through the task of graphing short-run and long-run cost curves that will look different from those we have graphed in class.
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
How many would you expect not to be cremated : How many of these decedents would you expect to be cremated? What is the standard deviation for the number to be cremated?
Determine the unit cost for the month in finishing : Considering this information, determine the unit cost for the month in finishing, the total cost of the products transferred to finished goods.
Prepare the journal entries of tiger related to its share : Prepare the journal entries of Tiger related to its share of Eagle's net income and dividends in 2016
What is the standard deviation for the number of self-employ : According to the Empirical Rule, in 95% of all samples of 800 persons, the number of self-employed would vary between what two values?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Unexpected problems-forces in global market

The forces affecting trade in global markets include sociocultural forces, economic and financial forces, legal and regulatory forces, and physical and environmental forces. What can business do to prevent unexpected problems in dealing with these..

  Is marin in a position to ask this of aaron

Would it be ethical for Aaron to attend the meeting and share the relevant cost data? Is Marin in a position to ask this of Aaron? What should Aaron do

  Preparing a work sheet an adjusted trial balance amount is

preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. the

  Discuss the current dividend has been fully paid

The preferred stock was originally issued at 102. The current dividend has been fully paid. Total stockholders' stock equity is $20,000,000

  Charles has agi of 50000 and has made the following

charles has agi of 50000 and has made the following payments related to land he inherited from his deceased aunt and a

  Describe significant financing activities used

Describe significant financing activities used by your corporation to increase cash

  Reported in the ledger of mariah company

2. Thc following amounts are reported in the ledger of Mariah Company: Assets 580,000

  Discuss administration activity to be allocated on the basis

The manager budgeted $225,000 in Administration Activity to be allocated on the basis

  Expected unit sales in 2012 were 1200000 and 2012 total

four flags is a retail department store. on january 1 2012 four flags accountants used the following data to develop

  Compute the break-even point in dollar sales for the company

The marketing manager claims this new approach would increase unit sales by 50% without any change in selling price; the company's new monthly fixed expenses.

  Would an increase in per-unit selling price cause a compnay

would an increase in variable costs cause a company's break-even point to increase or decrease? why?

  The payroll records of speedy software

1.The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2013.

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