Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a partnership has total equity of $491,000. partne

A partnership has total equity of $491,000. Partnership equity consists of Green, Capital, $342,000, and...

90.2K

Verified Solution

Question

Accounting

A partnership has total equity of $491,000. Partnership equity consists of Green, Capital, $342,000, and Tan, Capital, $149,000. Net income and loss is shared in a ratio of 85% to Green and 15% to Tan. On December 1, the partnership accepts Brown as a new partner. Record the entry for Brown's admission under each separate situation. Record the admission assuming Brown makes an investment of $127,000 cash for a 20% interest in equity and a 20% share of any income or loss. Record the admission assuming Brown makes an investment of $179,000 cash for a 20% interest in equity and a 20% share of any income or loss. Record the admission assuming Brown makes an investment of $88,500 cash for a 20% interest in equity and a 20% share in any income or loss.

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1) Explain what the world bank and the IMF are and the goals of both? 2) What...

Finance
Q

In a random sample of 39 criminals convicted of a certain​ crime, it was determined that...

Basic Math
Q

Please explain why long-term rates are usually higher than short-term rates Please explain under what economic conditions...

Finance
Q

Trevorrow Corporation manufactures and sells a single product. The company uses units as the measure of...

Accounting
Q

A group of 50 people are going to run a race The top 6 finishers...

Basic Math
Q

Consider h(y)= -1/5 y + 1/2 y^2 -3/7+7/6y^3h is concave up on:Determine the intervals on...

Calculus
Q

D. Restricted Stock On December 31, 2014, Ying Corporation granted 5,000 shares of its $1...

Accounting
Q

City Taxi Service purchased a new auto to use as a taxi on January 1,...

Accounting
Q

Refer to the Zumba Corporation data above. Compute the return on assets: 8.2% 11.3% 12.8%...

Accounting
Q

Long-term assets generally include: a.) Land held for a possible future plant site. b.) prepaid...

Accounting
Q

In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit...

Accounting
Q

On July 1, Year 1, Danzer Industries Inc. issued $40,000,000 of 10-year, 7% bonds at...

Accounting