Question
1. A partnership has the following capital balances Henry (50% of gains and losses) $ 60,000 Thomas (30%) 70,000 Catherine (20%) 140,000 Anne is going
1. A partnership has the following capital balances
| Henry (50% of gains and losses) | $ | 60,000 |
| Thomas (30%) | 70,000 | |
| Catherine (20%) | 140,000 | |
Anne is going to invest $51,000 into the business to acquire a 30 percent ownership interest. Goodwill is to be recorded. What will be Annes beginning capital balance?
Multiple Choice
a. $51,000
b. $115,714
c. $96,300
d. $81,000
2. A partnership has the following capital balances:
| Comprix (30% of gains and losses) | $ | 180,000 |
| Heflin (30%) | 280,000 | |
| Kaplan (40%) | 380,000 | |
Mahar is going to pay a total of $280,000 directly to these three partners to acquire a 25 percent ownership interest from each. Goodwill is to be recorded. What is Heflins capital balance after the transaction?
Multiple Choice
a. $280,000
b. $255,000
c. $273,000
d. $210,000
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No Nonsense Project Auditing A Practical Guide For The PMO
Authors: Lisa Nash
1st Edition
0993403522, 978-0993403521
