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

Other questions asked by students

Basic Math
1.2K views

3 In this question you will compute the variance of a geometric distribution with parameter...

Medical Sciences
1.2K views

29. Relaxation and contraction of the ciliary muscles alter the shape of the lens by changing...

Chemistry
1.2K views

Consider the titration of a 23.4 −mL sample of 0.125 M RbOH with 0.105 M HCl....

Mechanical Engineering
1.2K views

For H2O, determine the specified property at the indicated state. (a) T = 140°C, v = 0.5...

Basic Math
1.2K views

The image shows 2 triangles E An angle bisector K G A perpendicular bisector Match...

Basic Math
1.2K views

The table shows the results of a survey of patrons of a particular restaurant chain.Meals...

Accounting
1.2K views

The Walters Company made the following expenditures for research and development early in 2010: $40,000...

Accounting
1.2K views

sawaya co. ltd Sawaya Co., Ltd., of Japan,...

Accounting
1.2K views

A corporation has taxable income of $450,000, and its financial records reflect the following for...

Accounting
1.2K views

Using the data, provide a comparative income statement for Refrigerators (Model A and Model B...

Finance
1.2K views

Red, Inc., Yellow Corp., and Blue Company each will pay a dividend of $2.95 next...

Finance
1.2K views

The payback method helps firms establish and identify a maximum acceptable payback period that helps...