Boris and Richard are partners who share profits and losses in the ratio of 6 4 On May 1, 20X9, their respective capital accounts were as follows On that date, Lisa was admitted as a partner with a one third interest in capital and profits for an investment of $40,000 The new partnership began with...

The Answer is in the image, click to view ...

Boris and Richard are partners who share profits and losses in the ratio of 6:4. On May

Question:

Boris and Richard are partners who share profits and losses in the ratio of 6:4. On May 1, 20X9, their respective capital accounts were as follows:

image text in transcribed

On that date, Lisa was admitted as a partner with a one-third interest in capital and profits for an investment of $40,000. The new partnership began with a total capital of $150,000. Immediately after Lisa’s admission, Boris’s capital should be

a. $50,000.

b. $54,000.

c. $56,667.

d. $60,000.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Advanced Financial Accounting

ISBN: 9781260165111

12th Edition

Authors: Theodore Christensen, David Cottrell, Cassy Budd

See More Books

Question Posted: Mar 14, 2024 12:00 AM

See More Questions

1. Will a price below the equilibrium price result in a market surplus or shortage? 2. Find the market equilibrium point for the following demand and supply functions? Demand: p = - 2q + 320 Supply:...
Select the correct answer for each of the following questions. Cash ........... $ 20,000 Other Assets......... 180,000 ................ $200,000 Liabilities ......... $ 50,000 Alex, Capital (40%)...
Select the correct answer for each of the following questions. Note: The following balance sheet is for the partnership of Alex, Betty, and Claire in questions 1 and 2: Cash $ 20,000 Other Assets...
Consider a beam with two perpendicular segments subjected to a concentrated load as shown in Fig. 9.52. Using two beam elements, determine the deflection and stresses in the two segments of the beam....
A series of optical telescopes produced an image that has a resolution of about 0.00350 arc second. What is the smallest diameter telescope that could theoretically resolve these features using light...
Stadium Oil Corporation uses the full cost method. Recently, the company acquired a truck costing $60,000 with an estimated life of five years (ignore salvage value). The foreman drives the truck to...
Determine the minimum number of workers needed, and a schedule for the following staffing requirements, giving workers two consecutive days off per cycle (not including Sunday). Day Mon Tue Wed Thu...
Ben Reese is a painter for a small manufacturing plant. Sometimes he works directly on the product and sometimes he performs routine maintenance on the plants three buildings. He is paid $11.50 an...
Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company. Very Vancouver. The following are...
At December 31, Rod and Sheri are partners with capital balances of $40,000 and $20,000, and they share profits and losses in the ratio of 2:1, respectively. On this date, Pete invests $17,000 in...
On December 31, 20X4, Alan and Dave are partners with capital balances of $80,000 and $40,000, and they share profit and losses in the ratio of 2:1, respectively. On this date, Scott invests $36,000...
Because of wind patterns, Air Canada flights between Vancouver and San Francisco can take different times in each direction. Sample times for flights between these cities, from March 8 to March 18,...
4. (7%) Problem 4: Consider a 570 nm light falling on a single slit of width 1.1 m. Randomized Variables =570 nm w=1.1 um Forbes, David david.forbes@doane.edu @theexpertta.com - tracking id:...
(b) The following results are obtained in a double-slit experiment using light from a helium-neon gas laser: Width of 15 fringes = 3.0 cm Separation of slits = 1.5 mm Slit-to-screen distance = 2.5 m...
Read the mini-case, Ben and Jerry's Corporate Activism, and answer the following question: What are the pros and cons of Ben and Jerry's political activism when compared to other corporate political...
TOPIC : PROBLEMATIZATION - SECOND CURVE THINKING 1. What is second curve thinking?( a More in depth explanation ) 2. What are the implicit assumptions of second curve thinking? ( a More in depth...
I think the Power Distance measure in Hofstede's model (Hofstede Insights, n.d.) is particularly interesting.I led divisions in the U.S., New Zealand, and Thailand.Those three countries represented a...
Lets keep track of a nations capital stock for five years. Mordor starts off with 1,000 machines, and every year, 5% of the machines depreciate or wear out. Fortunately, the people in this land...
Currently, there are five concepts of food stands, including: hot dogs, soft pretzels, turkey legs, sandwich wraps, and funnel cakes. This approach will double the existing number of food stands...
What is the effect of eliminating intercompany interest income and interest expense on consolidated net income when bonds have been sold directly to an affiliate? Why?
What is the effect of eliminating intercompany interest income and interest expense on consolidated net income when a loss on bond retirement has been reported in a prior years consolidated financial...
If an affiliates bonds are purchased from a nonaffiliate at the beginning of the current year, how can the amount of the gain or loss on constructive retirement be computed by looking at the two...
4) Read the following case carefully and answer the given questions. You have been the finance director of a clothing retailer for ten years. The companys year end is 31st December 2019, and you are...
all of the other problems here on chegg don't describe right on how they god the answer. can you make it step by step math to show how you got what and from where and each number to get the answer...
D Required information The following Information applies to the questions displayed below.) Diego Company manufactures one product that is sold for $76 per unit in two geographic regions-the East and...

Boris and Richard are partners who share profits and losses in the ratio of 6:4. On May

Question:

Boris $60,000 Richard 50,000

Step by Step Answer:

Advanced Financial Accounting

Students also viewed these Business questions