Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. callie is admitted to the adams & beal part

1. Callie is admitted to the Adams & Beal Partnership under the goodwill method. Callie...

90.2K

Verified Solution

Question

Accounting

1. Callie is admitted to the Adams & Beal Partnership under the goodwill method. Callie contributes cash of $20,000 and non-cash assets with a market value of $30,000 and book value of $15,000 in exchange for a 20% ownership interest in the new partnership. Prior to the admission of Callie, the capital of the existing partnership was $130,000 and an appraisal showed the partnership net assets were fairly stated. What will be the amount in which Adams capital account increase?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Complete the following diagram by choosing the best answer choice below Tariff O Trade barriers...

Basic Math
1.2K views

Use the Trapezoidal Rule, the Midpoint Rule, and Simpson's Rule to approximate the given integral with...

Statistics
1.2K views

A student wants to test whether today’s graduating seniors are just as optimistic about their future...

Electrical Engineering
1.2K views

Parabolic trough collector. A set of parabolic mirrors can be used to concentrate the sun's rays...

Basic Math
1.2K views

In Born together—Reared apart: the Landmark Minnesota twin study (2012), Nancy Segal discusses the efforts of...

General Management
1.2K views

CASE STUDY# 2: INSIGHTS ANALYTICS: TECHNOLOGY FOR A KNOWLEDGE MANAGEMENT PROGRAM. What did Gupta and Arun Sharma identified...

Geometry
1.2K views

Use the diagram to complete the statement Given AJKL sin 38 equals K 52 D...

Basic Math
1.2K views

A concert hall has 14 seats in the first row, 16 seats in the second...

Accounting
1.2K views

The book value of old equipment is a relevant cost in a decision to replace...

Accounting
1.2K views

Which of the following accounts is considered to be a contra-shareholders' equity account? Select one:...

Accounting
1.2K views

please answer Varublie Conting Income Statement. Round all finat...

Accounting
1.2K views

Please check if this is correct and show work. Paynesville Corporation manufactures...