Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2020 barry is admitted to the partne

On January 1, 2020 Barry is admitted to the partnership with a 25% interest. Barry...

80.2K

Verified Solution

Question

Accounting

On January 1, 2020 Barry is admitted to the partnership with a 25% interest.

Barry will pay $50,000 to the partnership.

Required:

1. Prepare the appropriate journal entry to admit Barry.

2. If goodwill is to be debited to the partnership, show your calculation of

how you arrived at the amount of goodwill in your 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

Biology
1.2K views

The purpose of the lysis procedure is: to sequence the 16S rRNA gene to separate the pieces...

Biology
1.2K views

Which of the following are possible causes of microcytic hypochromic anaemia Incorrect answers will be...

Geometry
1.2K views

Since JKLM is a rhombus JM By the Reflexive Property of Congruence JNN so AJNM...

Basic Math
1.2K views

What are the solutions to the quadratic equation below x 2 6x 6 0

Algebra
1.2K views

3 Solve the following exponential equation 64 1024

Accounting
1.2K views

Owl-Eye Radiologists (OR) does various types of diagnostic imaging. Radiologists perform tests using sophisticated equipment....

Accounting
1.2K views

Marble Construction estimates that its WACC is 12% if equity comes from retained earnings. However,...

Accounting
1.2K views

Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing...

Accounting
1.2K views

A foreign company prepares its financial statements in a foreign language and does not provide...

Accounting
1.2K views

The most recent financial statements for Mandy Company are shown here: \table[[Income Statement,,Balance Sheet],[Sales,20.900$,Current...

Accounting
1.2K views

Understanding business processes can link auditing to accounting information systems. Which of the following can...

Finance
1.2K views

please answer B AND C ALSO (Click on the icon here e in order...