Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 3. maria and shakira have a capital of $50,000 and

3. MARIA AND SHAKIRA HAVE A CAPITAL OF $50,000 AND $45,000, HAVE OPERATED A SUCCESSFUL...

70.2K

Verified Solution

Question

Accounting

image
3. MARIA AND SHAKIRA HAVE A CAPITAL OF $50,000 AND $45,000, HAVE OPERATED A SUCCESSFUL FIRM FOR MANY YEARS, SHARING NET INCOME AND NET LOSSES EQUALLY. TOM IS TO BE ADMITTED TO THE PARTNERSHIP FOLLOWING AGREEMENT: 1. TOM IS TO CONTRIBUTED $70,000 CASH TO THE PARTNERSHIP FOR A TOTAL OWNERSHIP EQUITY OF 40%. 2. 12% OF INTEREST OF CAPITAL ENDING BALANCES 3. PREPARE THE JOURNAL ENTRY. 4. JOSE AND JESUS HAVE A CAPITAL OF \$100,000 AND \$80,000,SHARING NET PARTNERSHIP ON JULY 1 2022, IN ACCORDANCE WITH THE FOLLOWING 1. JUAN IS TO CONTRIBUTED $40,000 CASH TO THE PARTNERSHIP FOR A TOTAL OWNERSHIP EQUITY OF 25\%. \$14,000. PRRE THE JOURNAL ENTRY

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