ADVANCED ACCOUNTING
13th Edition
ISBN: 9781260773033
Author: Hoyle
Publisher: MCG
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Question
Chapter 14, Problem 14P
To determine
Identify the balance of person M’s capital account after person C withdraws if instead the
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Students have asked these similar questions
PARTNERSHIP INCOME DISTRIBUTION: For partnership Y, if total partners salary allowances are 300,000, total interest on the partners’ original capital balances is 400,000, and the remainder of the partnership’s net income is 200,000, how much is the total partnership net income?
a. 900,000
b. 800,000
c. 300,000
d. 100,000
e. None of the above
What is the answer?
Harry invests $40,000 for a one-fourth interest in a partnership in which the other partners have capital totaling $80,000 before admitting Harry. After distribution of the bonus, what is Harry's capital balance?
a.
$10,000
b.
$20,000
c.
$30,000
d.
$40,000
16. A person may become a partner in a
partnership by all of the following
methods except
A. Investing in the partnership with a
bonus to the new partners
B. Making a loan to the partnership
C. Investing in the partnership with a
bonus to the old partnes
D. Purchasing a partner's interest
17. B. Andy's interest in the partnership is
110,000. M. Joy buys Andy's interest
for 120,000. How much is the capital
balance of Joy after the purchase?
А. 120,000
В. 110,000
С. 130,000
D. 140,000
18. L. Garcia, A. Harina, and E. Isla are
partners with capital of
P90,000,P50,000, and P60,000,
respectively. M. Joson is admitted into
the partnership with 4 interest upon
payment of 80,000. If the old partners
share profits and losses in the ratio of
2/5, 2/5, and 1/5, then the capital
account of Isla after the admission of
Joson will show a balance of
А. 50,000
В. 52,500
С. 62,000
D. 70,000
Chapter 14 Solutions
ADVANCED ACCOUNTING
Ch. 14 - Prob. 1QCh. 14 - Prob. 2QCh. 14 - Prob. 3QCh. 14 - Prob. 4QCh. 14 - Prob. 5QCh. 14 - Prob. 6QCh. 14 - Prob. 7QCh. 14 - Prob. 8QCh. 14 - Prob. 9QCh. 14 - Prob. 10Q
Ch. 14 - Prob. 11QCh. 14 - Prob. 12QCh. 14 - What is a partnership dissolution? Does...Ch. 14 - Prob. 14QCh. 14 - Prob. 15QCh. 14 - Prob. 16QCh. 14 - Prob. 17QCh. 14 - When a partner withdraws from a partnership, why...Ch. 14 - Prob. 1PCh. 14 - Prob. 2PCh. 14 - Prob. 3PCh. 14 - Prob. 4PCh. 14 - Prob. 5PCh. 14 - Prob. 6PCh. 14 - Prob. 7PCh. 14 - Prob. 8PCh. 14 - Prob. 9PCh. 14 - Prob. 10PCh. 14 - Prob. 11PCh. 14 - Prob. 12PCh. 14 - Prob. 13PCh. 14 - Prob. 14PCh. 14 - Prob. 15PCh. 14 - Prob. 16PCh. 14 - Prob. 17PCh. 14 - Prob. 18PCh. 14 - Prob. 19PCh. 14 - Prob. 20PCh. 14 - Prob. 21PCh. 14 - Prob. 22PCh. 14 - Prob. 23PCh. 14 - Prob. 24PCh. 14 - Prob. 25PCh. 14 - Prob. 26PCh. 14 - Following is the current balance sheet for a local...Ch. 14 - Prob. 28PCh. 14 - Prob. 29PCh. 14 - Prob. 30PCh. 14 - Prob. 31PCh. 14 - Prob. 2DYSCh. 14 - Prob. 3DYSCh. 14 - Prob. 4DYSCh. 14 - Prob. 5DYS
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