eBookE CalculatorPrint ItemAdmitting New Partner With BonusCody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangibleA...assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $69,000 and $90,000, respectively.Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful;thus, Solano is admitted to the partnership at a 30% interest for a purchase price of $43,000.A...a. Determine the recipient and amount of the partner bonus.5.LA...b. Provide the journal entry to admit Solano into the partnership. For a compound transaction, if an amount box does not require an entry, leave it blank.T.A...T.A...C. Why would a bonus be paid in this situation?offered by Solano.Apparently, Jenkins and Tanner valueET.A...ET.A...NextPreviousCheck My Work3 more Check My Work uses remaining.10:1600000000%24

Answered: Image /qna-images/answer/dd7fe610-5452-4890-aaf5-70606c91e361.jpg

Answered: eBook E Calculator Print Item Admitting…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.11AP

See similar textbooks

Similar questions

Admitting New Partner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $56,000 and $73,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership at a 30% interest for a purchase price of $35,000. a. Determine the recipient and amount of the partner bonus.$ b. Provide the journal entry to admit Solano into the partnership. For a compound transaction, if an amount box does not require an entry, leave it blank. c. Why would a bonus be paid in this situation? Apparently, Jenkins and Tanner value offered by…
Admitting New Partner With Bonus Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $59,000 and $77,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership at a 30% interest for a purchase price of $37,000. a. Determine the recipient and amount of the partner bonus. $fill in the blank 895c96fe0fa601a_1 b. Provide the journal entry to admit Solano into the partnership. For a compound transaction, if an amount box does not require an entry, leave it blank. fill in the blank 3a9b65fd4f99071_2 fill in the blank 3a9b65fd4f99071_3 fill in the blank 3a9b65fd4f99071_5 fill in the…
Question Content Area Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,100 and a fair market value of $15,800. Kelsey will invest a building with a book value of $34,300 and a fair market value of $56,300. What amount will be recorded to the building account? a.$56,300 b.$6,100 c.$34,300 d.$15,800 With full solution
Instructions: Please answer it with complete solution. Thank you so much!! Rachelle, Patrick, and Lorreyn formed the RPL Professional Partnership on April 1, 20X2, by contributing capital. They agreed that Lorreyn would receive P20,000 as manager of the firm, and the remainder will be divided according to the profit ratio of 34%, 44%, 22%, respectively. At the end of the month, the company had a net loss of P900,000. Discuss how the loss shall be distributed in no more than five (5) sentences.
Complete the following question. It must be typed and uploaded via a word document. The following were the balance of the partnership between Reynolds and Wynter as at December 31, 2015. DR $ CR $ Capital on January 1, 2015 Reynolds 35,000 Wynter  35,000 Current accounts on January 1, 2015 Reynolds 1,700 Wynter 400 Drawings during the year Reynolds 8000 Wynter 6400 Land and building .........................................160 000 Equipment .......................................................15000 Cash and bank .................................................20000 Bank loan .................................................................. 90,000 Electricity…
Problem 7 Admission by Investment of Assets (Incentive Activity) Partners Pilapil and Pastor sell electronic equipment and supplies. They wish to expand their computer lines and decided to admit Generales to the partnership. Pilapil’s capital is Php 2,000,000, Pastor’s capital is Php 1,600,000, and they share income in the ratio of 3:2, respectively. Required: Prepare the journal entries to record the admission of Generales for each of the following independent situations: Generales directly purchased half of Pastor’s investment in the partnership for Php 900,000. Generales invested Php 1,100,000 for a one-fourth interest. Goodwill will be recognized. Generales invested Php 800,000 for a one-fifth interest in the total capital of Php 4,400,000. Generales invested Php 1,000,000 for one-fifth interest. Goodwill is to be recognized.
Demarco Lee invested $60,000 in the Camden and Sayler partnership for ownership equity of $60,000. Prior to the investment, equipment was revalued to a market value of $39,000 froma book value of $30,000. Kevin Camden and Chloe Sayler share net income in a 2:1 ratio.a. Provide the journal entry for the revaluation of equipment.b. Provide the journal entry to admit Lee.
Admission by Investment of Assets Rizal Meds is a medical partnership of Dr. John Pete Sarabla and Dr. Angeles De Guzman, who share profits and losses in a 2:3 ratio. Dr. Elizabeth Salvador has been asked to join the partnership. Prior to admitting Salvador, the assets of Rizal Meds were revalued to reflect their current market values. The revaluation resulted in medical equipment being increased by P35,000 Prior to the revaluation, the equity balances for Sarabia and De Guzman were P201,000 and P289,000, respectively. Required: 1 Prepare the journal entry for the asset revaluation 2. Prepare the journal entry to record the admission under the following independent situations: a.Salvador invested P285,000 for a 30% interest in Rizal Meds b. Salvador invested P155,000 for a 25% interest in Rizal Meds.
subject : Accounting At the start of 2022, Betty Veronica is considering adding a partner to her business. She envisions the new partner taking the lead in generating sales of both services and merchandise for Lincoln Solutions. B. Veronica’s equity in Lincoln Solutions as of January 1, 2022 is $80,360 Required a. B. Veronica is evaluating whether the prospective partner should be an equal partner with respect to capital investment and profit sharing (1:1) or whether the agreement should be 4:1 with Veronica retaining four fifths interest with the rights to four-fifths of the net income or loss. What factors should she consider in deciding which partnership agreement to offer? b. Prepare the January 1, 2022, journal entry(ies) necessary to admit a new partner to Lincoln Solutions through the purchase of a partnership interest for each of the following two separate cases: 1. 1:1 sharing agreement and 2. 4:1 sharing agreement. c. Prepare the January 1, 2022, journal entry(ies) required…
12 Adaptive Practice #tx w Chapter 12 Adaptive Practice ^ education.wiley.com/was/ui/v2/adaptive-assessment-player/index.html?launchid-909eb940-8a22-4497-999d-f3c56b6203d8#/activity 12.5 Admission of a Partner m: X we Assignment introduction - Chapt X + Don and Ellen had capital balances of $85,000 and $95,000 respectively when Frank invested $90,000 for a 35% ownership of the business. Don and Ellen share profits and losses in a 70:30 ratio. Which statement is correct? O Frank will get a bonus of $4,500. O There will be no bonus. Save for Later mo O Ellen will get a bonus of $1,350. O Don will get a bonus of $3,150. ppt12_LO5.pptx 4 Submit Answer 1 X ⠀ 98% Show all X
Please don't provide answer in image format thank you Terrilson Trading is a company in the business of manufacturing parts for train wagons. Terri and Nilson formed this company in 2015 after they were both retrenched from their employment. The following information pertains to the business activities of the partnership for the year ended 31 August 2022. Extract from the statement of financial position as at 31 August 2022: 2022 2021 R R Land and buildings (at cost) 1,010,600 660,600 Equipment (at cost) 624,900 569,400 Accumulated depreciation: Equipment 175,200 74,400 Long-term loan 283,600 198,200 Members’ contributions 1,276,500 1,080,100 Retained earnings 231,200 79,700 Loans to members 98,100 34,100 Loans from members 118,700 - Distribution to members payable 78,200 108,600 Inventory 59,100 33,200 Dividend receivable 21,600 101,200 Trade payables control 137,000 66,900 Accrued security expenses 7,700 3,400 Current tax payable 62,200 40,000 Accrued rental income 6,200…
Problem I Ariel, Beauty and Cindy decided to form Disprin Partnership with 2:2:1 profit sharing. Both Ariel and Beauty have existing business. The balance sheet of the two are shown below together with their agreement prior to formation. Ariel Beauty Cash 117 126 Account receivables 100 200 Inventories 50 30 Equipment 80 0 Furniture 0 30 Prepayments 5 15 Total 352 401 Accounts payable 75 95 Capital 277 306 Total 352 401 Partners' agreements: Receivables are 97% collectible Ariel's inventories fair values is at P55 while P10 of Beauty's Inventories…

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS