FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

8. Dunn and Grey are partners with capital account balances of $60,000 and $90,000, respectively. They agree to admit Zorn as a partner with a

image text in transcribed

8. Dunn and Grey are partners with capital account balances of $60,000 and $90,000, respectively. They agree to admit Zorn as a partner with a one-third interest in capital and profits, for an investment of $100,000, after revaluing the assets of Dunn and Grey. Goodwill to the original partners should be a. $0 b. $33,333 c. $50,000 d. $66,667

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

Step: 3

blur-text-image

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

Payroll Accounting 2022

Payroll Accounting 2022

Authors: Bernard J. Bieg, Judith A. Toland

32nd Edition

0357518756, 9780357518755

More Books

Students also viewed these Accounting questions

Question

★★★★★
List four potential resource constraints faced by organizations in a service industry such as higher education, hospitals, or public accounting. Explain how each constraint could be relaxed.

Answered: 1 week ago

Question

★★★★★
The first radioactive element discovered by Polish physicist Marie Curie was radium-226. It has a halflife of 1700 years. Suppose you obtained a microgram of pure 226 Ra. How long would you have to...

Answered: 1 week ago

Question

★★★★★
Think of a time when a change at a job did more harm than good. Explain what happened, and why the negative impact was missed.

Answered: 1 week ago

Question

★★★★★
Now that you have read the chapter on financial planning, what do you recommend to Austin for his talk with Rachel on the subject of financial planning regarding? 1. Setting financial goals? 2....

Answered: 1 week ago

Question

★★★★★
Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost...

Answered: 1 week ago

Question

★★★★★
This problem is based on the JA Tires data that was first introduced in problem 6-35. If you have not already accessed the data, it can be downloaded from the textbook website. As part of risk...

Answered: 1 week ago

Question

★★★★★
Question Completion Status: QUESTION 42 5 poin Erindale Bank offers you a $51,000, six-year term loan at 8.0% annual interest. What will your annual loan payment be(Do not round intermediate...

Answered: 1 week ago

Question

★★★★★
Conrad sends his quality control manager to Mexico to ensure the quality of a new manufacturer is meeting specifications. Which risk is Conrad addressing? Question 20 options: Process risk Control...

Answered: 1 week ago

Question

★★★★★
Exercise 5-4 Allocation of Cost and Workpaper Entries at Date of Acquisition On January 1, 2012, Porter Company purchased an 80% interest in Salem Company for $260,000. On this date, Salem Company...

Answered: 1 week ago

Question

★★★★★
One World Not Three (OWNT) Relief Fund is an international nonprofit relief agency based in the United States. OWNT recently celebrated its tenth anniversary and is in the middle of trying to expand...

Answered: 1 week ago

Question

★★★★★
explain why U.S. presidents often favor a "lower dollar" over the course of their presidency. Explain the relationship between the relative value of the dollar and its relationship to U.S. exports...

Answered: 1 week ago

Question

★★★★★
The real cost of palm oil case study discussed how the unsustainable farming of palm in Borneo, Sumatra and lower China is perhaps the biggest threat to _____________________. Group of answer choices...

Answered: 1 week ago

Question

★★★★★
Why is it important for an HRD practitioner to understand managerial roles and competencies? How are these assessed? How is this information used as a needs assessment in designing a management...

Answered: 1 week ago

Question

★★★★★
Explain the role on-the-job experience plays in a managers development. Identify two ways an organization can increase the chances that the onthe- job experiences its managers encounter will be...

Answered: 1 week ago

Question

★★★★★
For the situation you have selected, take the most important forces from Step 5 and construct a figure similar to Figure 14-2.

Answered: 1 week ago

Previous Question Next Question