Keith and Jim are partners. Keith has a capital balance of $49,000 and Jim has a capital balance of $38,000. Bill invested $33,000 to acquire an ownership interest of 30%. Which of the following statements is TRUE of this transaction? (Round the final answer to the nearest dollar.) O A) Keith and Jim received a bonus of $1500 each. B) Bill received a bonus of $4900. C) Keith and Jim received a bonus of $2450 each. D) Bill received a bonus of $3000

Q: Amy and Emma have been in partnership for a number of years, investing capital of £156,000 and…

A: A partnership is an agreement between two or more partners where partners are agreed to work…

Q: On January 1, 2020, Amy, Bob, and Mike form a limited liability partnership to start a small public…

A: W.N. - 1 : Capital Contributions by Mike : (a) in the form of Cash = $ 46,000 (b) in the form of…

Q: and decided to share profits in the ratio of 3:2:1. The partnership deed provided that Saud is to be…

A: Partners Capital -: Partners Capital is a capital account in a partnership in any equity account in…

Q: Benson and Orton are partners who share income in the ratio of 1:3 and have capital balances of…

A: Partnership refers to an agreement where two or more people come together for a common goal. The…

Q: n January 1 , Ryan and James decided to open a Peruvian chicken restaurant ( yum ! ) . Ryan…

A: Partnership : It is the agreement between the two or more person to carries the business with profit…

Q: Keith and Jim are partners. Keith has a capital balance of $49,000 and Jim has a capital balance of…

A: Total capital after new partner bill investment = $49,000 + $38,000 + $33,000 = $120,000

Q: Narvaez invested P 400, 000 for a one- fourth interest in a partnership in which the other partners…

A: The partnership comes into existence when two or more partners agrees to do the business and share…

Q: Keith and Jim are partners. Keith has a capital balance of $49,000 and Jim has a capital balance of…

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: The capital accounts of Loida Cadenas and Cristina San Jose have balances of P 150, 000 and P 110,…

A: Partnership:   It is a type of business form. Under this business form, two or more individuals…

Q: Romanoff and Barton are partners with capital balances of P60,000 and P70,000. Romanoff has a 30%…

A: SOLUTION- FORMULA- INTEREST ON CAPITAL =TOTAL CAPITAL * INTEREST RATE.

Q: On January 1, 200D, Bamby and Candy invited Dandy and Ely to join them in their business. On this…

A: partnership is such form of business but two or more person join together in order to share they are…

Q: The Distance Plus partnership has the following capital balances at the beginning of the current…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Bert, Ben, and Bello are partners in a sports equipment store with capital investments of P150,000,…

A: Partnership Firm: This is a firm which is formed when two or more persons come together with an…

Q: Rocker and Willow are partners with capital balances of P30,000 and P70,000, respectively. Rocker…

A: In a partnership, two or more parties agree to operate and manage a business and share the profits…

Q: On December 1, 2020, Louie and Kaye Ann formed a partnership, agreeing to share for profits and…

A: Partnership is the agreement between two or more persons who agree to divide profit on the basis of…

Q: Samuel and Darci are a partner. The partnership capital for Samuel is $ 50,000 and for Darci Is…

A: Total capital after admission of new partner Josh will be( see attached )

Q: Alex (A), Bebeto (B), and Carol (C) decide to start a lawn mowing business together and form a…

A: CALCULATION OF RATIO OF THEIR INVESTMENT : INVESTMENT  A = $105,000 , B = $175,000 , C = $280,000…

Q: On January 1 , FRED and GEMMO formed a partnership by contributing cash of P300,000 and P360,000 ,…

A: A partnership is an agreement between two or more partners where partners are agreed to work…

Q: The amount of the bonus to the old partners is

A: Bonus method- Under this method, difference arising between the share in the total capital of the…

Q: Marga, David and Anna are partners with capital balances of P784,000, P2,730,000 and P1,190,000…

A: A partnership is a kind of business structure in which two or more people agree to carry out…

Q: They share profits and losses in a 1:4:5 ratio and have decided to expand their business territory.…

A: Investment in the partnership is the amount brought by the new partner as their capital…

Q: On May 1, 2022, Carlo and Jamie formed a partnership by contributing ₱500,000 each. In addition to…

A: The non cash assets invested by partners are recorded at fair market value.

Q: If Arwind invested P 130,000 for a 25% interest in the firm and that the assets of the partnership…

A: Partnership Accounting  Admission of Partner New Profit sharing Ratio New Profit Sharing with…

Q: Anson and Brian are partners, and each has a capital balance of P150,000. To gain admission to the…

A:

Q: Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was…

A: Interest on Singer Capital = $40,000 x 10% = $4,000 Interest on McMann Capital = $60,000 x 10% =…

Q: Nathan owns the Kavanah Bakeshop. On January 2, 2022, Nathan invited his friend Dwayne to be his…

A: Balance Sheet- It is a statement that displays all the obligations owed by a firm, the asset of the…

Q: Gucci and Guess are partners who share profits and losses equally. The capital accounts of Gucci and…

A: (1) Given Total capitals of the old Partners : (a) Gucci - P 90,000 (b) Guess - P 60,000 (c) Total…

Q: Lindsey and Ruth are partners with capital balances of P 60,000 and P 20,000, respectively. Profits…

A: Partnership refers to the legal form of agreement between two or more partners who have mutually…

Q: Juancho and Miguel entered into a partnership agreement wherein Juancho is to have a 60% interest in…

A: Under the Bonus Method of determining the total capital contribution by the partners, the total…

Q: Bums and Allan have formed a partnership and invested $20 000 and $40,000, respecti follows: 1)…

A: A partnership is a contract between at least two people to run a business and share profits and…

Q: The Distance Plus partnership has the following capital balances at the beginning of the current…

A: 1. Total Capital After Investment =Tiger +Phil +Ernie +Sergio  = $100000+70000+85000+100000 =…

Q: Lear is to become a partner in the WS partnership by paying $80,000 in cash to the business. At…

A: Admission of a partner usually happens when a new partner brings in capital and infused it in the…

Q: JOhn and Mack are partners in a business. John's original capital was $39,700 and Mack's was…

A: In Partnership , Partners also get the Salaries and Interest on the Capital Apart from the Share in…

Q: Jack, King, Lloyd and Martin formed a partnership, Jack being an industrial partner while King,…

A: Partnership business means where two or more person comes together to  do the business and share the…

Q: The Distance Plus partnership has the following capital balances at the beginning of the current…

A: a. Reference: Journal Entry using bonus method: Reference:

Q: On January 1, 2012 partners Aiko and Mina have capital balances of P500,000 and P280,000,…

A: Partnership is an agreement between two or more than two persons in which they invest capital, run…

Q: Ivana, Eric, and Jerry form a partnership to develop land into commercial offices and rent them for…

A: According to the given question, we are required to solve the above questions.    Partnership: A…

Q: Which of the following is true of the journal entry to admit Jason?

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: On September 1, 20X2, Tanya, Cecille, and Marie formed a partnership by combining their separate…

A: Any assets contributed by partners in the partnership will be recorded at fair value of assets as on…

Q: Maria and Javier are the equal partners in MarJa, a partnership that is a qualifying trade or…

A: Qualified Business Income refers to that amount of income which comprises income items that are…

Q: Allan, Bobby and Carlo are partners with capital accounts of P350,000, P700,000 and P450,000,…

A: Partnership is one of the agreement or contract between two or more than two persons, under which…

Q: Liz, Lorrie, Pat and John own an equal share of the LLPJ Partnership. At the beginning of the year,…

A: Partner's basis= Initial basis+/- income/loss+ Additional contribution- Distribution received-…

Q: Vincent and James entered into a universal partnership of profits. At the time of execution of the…

A: A partnership seems to be a type of firm in which two or more individuals share possession and also…

Q: 1. What is the average capital of Fred ? 2. What is the average capital of Gemmo?

A: Partnership means a group of persons who come together with a purpose to control and manage the…

Q: The Distance Plus partnership has the following capital balances at the beginning of the current…

A: Solution 1:     Capital contribution by Sergio   70000 Less: Required capital by Sergio:…

Q: Honey and Hanna are partners with a profit and loss ratio of 60% and 40%, respectively. Their…

A: Solution: When new partner admitted in partnership by acquiring share in partnership directly from…

Q: Gabriel, an accountant, earns $360,000 from his practice. He also receives $9,100 in dividends and…

A: a) Computation of AGI:Hence, the AGI, when Gabriel does not participates in the operation of the…

Q: Bill, Bob, and Bo, are partners in the Trendy Company, a retailer of inexpensive kids' wear. They…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Karen Smith and Abby Jones formed a partnership, investing $250,000 and $125,000, respectively.…

A: As per the guidelines, only three sub parts are allowed to be solved. Please resubmit the questions…

Q: Jeremy and Eli are partners who share profits and losses equally. The capital accounts of the…

A: Partnership means where two or more person comes together to do some common business activity and…