Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 02, 2024

7. Determine the capital to be credited to Austin. Celestine and Jewel are partners who share income in the ratio of 2:3. The partners agree

7. Determine the capital to be credited to Austin.

Celestine and Jewel are partners who share income in the ratio of 2:3. The partners agree to admit Austin as a partner upon investing P150,000 cash for a 1/5 interest in the firm. The assets of the firm are fairly valued except for a building that is overvalued by P150,000. The capital accounts of Celestine and Jewel show balances of P450,000 and P300,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audits Of 401k Plans

Audits Of 401k Plans

Authors: Deloitte And Touche

2nd Edition

1119722039, 978-1119722038

More Books

Students also viewed these Accounting questions

Question

★★★★★

Two employees are equally productive workers, but Employee Number 1 is a better negotiator than Employee Number 2. As a result, Employee Number 1 earns 7% more pay than his equally productive...

Answered: 1 week ago

Question

★★★★★

List the five types of secondary wall deposition that can occur in tracheary elements. Which two types are most characteristic of protoxylem? What is the selective advantage of vessel elements over...

Answered: 1 week ago

Question

★★★★★

2. A urine alarm is typically used to treat nocturnal enuresis. However, experts disagree on how the alarm decreases nighttime wetting. How might you use classical conditioning to explain its...

Answered: 1 week ago

Question

★★★★★

Read the case study her vision of a model research center. You are to write an essay narrative that must include the following questions. What is it about Rachels leadership that clearly suggests...

Answered: 1 week ago

Question

★★★★★

Circuit help please step by step Please solve the following questions: - Draw a logic circuit for (A+B)C. - Draw a logic circuit for A+BC+D. - Draw a logic circuit for AB+AC. - Draw a logic circuit...

Answered: 1 week ago

Question

★★★★★

Suppose you bought a house and took out a mortgage for $400,000. The NORMINAL interest rate FInd the interest, principal and end balance ASAP thank you very much Suppose you bought a house and took...

Answered: 1 week ago

Question

★★★★★

How does this independent work further your course of study? What specific courses have you taken which prepare you for the work? What qualifications do you have to prepare you for this directed...

Answered: 1 week ago

Question

★★★★★

The bar graph shows that life expectancy, the number of years newborns are expected to live, in a particular region has increased dramatically since ancient times. Find the percent increase in...

Answered: 1 week ago

Question

★★★★★

The rise of e-commerce and aircargo (2015- present) and movetowards a sustainable futurewrite INTRODUCTION (500 words) Air cargo E-commerce Relationship between air cargoand E-commerce Sustainability...

Answered: 1 week ago

Question

★★★★★

Capital Weightings and WACC Calculation The market values of KO's common stock and preferred stock are $211,296 million and $101 million, respectively. Coca-Cola has total debt outstanding with a...

Answered: 1 week ago

Question

★★★★★

(12 points) 4. The demand and supply for the cleaning and grooming of a pet are given for two prices Demand Supply Price 680 815 105 780 735 85 a. Find the linear demand equation. b. Find the linear...

Answered: 1 week ago

Question

★★★★★

1-8 Rabatt operates deep-discount stores offering housewares, cleaning supplies, clothing, health and beauty aids, and packaged food throughout Germany, with most items selling for 1 euro. Its...

Answered: 1 week ago

Question

★★★★★

1-7 Warbenton Snack Foods is a manufacturer of potato crisps and savoury snacks in the U.K. Warbentons financial department uses spreadsheets and manual processes for much of its data gathering and...

Answered: 1 week ago

Question

★★★★★

1-3 What academic disciplines are used to study information systems and how does each contribute to an understanding of information systems? List and describe each discipline that contributes to a...

Answered: 1 week ago

Previous Question Next Question