Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. p1, p2, and p3 are partners in xyz inc. their capi

P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31,...

80.2K

Verified Solution

Question

Accounting

P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $202,119 for P1, $280,737 for P2, and $148,780 for P3. Among these partners on this date, the income sharing ratios are 35.17% for P1, 43.18% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $118,838 in XYZ Inc for a one-eighth (12.5%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P2 on Jan 1 using the BONUS method? a. $10,807 b. $10,537 c. $11,348 d. $11,078 e. $10,267

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

241 Sandra is a 25 year old woman who weighs 120 lb She burns 300...

Medical Sciences
1.2K views

Q2. Below are the results of a manual reticulocyte count. Calculate the relative reticulocyte count. Show calculation....

Medical Sciences
1.2K views

what does the Na/K pump do? be specific What does the Ca pump do in the...

Finance
1.2K views

Jim wants to buy a property and needs to borrow 195,000. He can get a loan...

Physics
1.2K views

The sun is 150,000,000 km from earth; its diameter is 1,400,000 km.For a science project on...

Physics
1.2K views

The figure below shows an object with a mass of m= 3.00 kg that starts...

Calculus
1.2K views

Find fxx, fxy, fyx, and fry for the following function. (Remember, fx means to differentiate...

Accounting
1.2K views

Merline Manufacturing makes its product for $65 per unit and sells it...

Accounting
1.2K views

A psychrometer (an instrument used to measure humidity) weighing 4 ounces (1/128 slugs) is whirled...

Accounting
1.2K views

The Chicanery Company is preparing the statement of Cash flows using the indirect method. Below...

Accounting
1.2K views

Using Excel to Calculate Operating Cash Flows PROBLEM The comparative balanoe sheets for Gale Company...

Accounting
1.2K views

Consider a company with the following info: Cash $7,490, Land $40,900, Patents $22,500, Accounts Receivable...