Admitting New Partners

Lia Wu and Becca Sims are partners who share in the income equally and have capital balances of $114,000 and $48,000, respectively. Wu, with the consent of Sims, sells one-third of her interest to Kara Oliver.

CengageNOW | Online teaching and learning resource from Cengage Learning Contact Technical Support Contact Technical Support Assignment: Ch 12-3 Exercises & Problems Assignment Score: % Time Remaining: 0:00EXPIRED Warning! Question Saved Questions Question 6 of 7 Exercise 12-10 (Algorithmic) 1. 2. 3. 4. 5. 6. 7. Saving... Learning Objective 3 Admitting New Partners Lia Wu and Becca Sims are partners who share in the income equally and have capital balances of $114,000 and $48,000, respectively. Wu, with the consent of Sims, sells one-third of her interest to Kara Oliver. Hide a. What entry is required by the partnership if the sales price is $30,000? Correct 2 of Item 1 Correct 3 of Item 1 Correct 4 of Item 1 Hide FeedbackShow All Feedback Check My Work Feedback Post Submission Feedback Solution Correct 5 of Item 1 Hide b. What entry is required by the partnership if the sales price is $50,000? Correct 2 of Item 2 Correct 3 of Item 2 Correct 4 of Item 2 Hide FeedbackShow All Feedback Check My Work Feedback Post Submission Feedback Solution Hide FeedbackShow All Feedback Check My Work Feedback Post Submission Feedback Solution Correct 5 of Item 2 Icon Key 100% Correct Partially Correct Visited, Not Yet Judged Incorrect Needs Instructor Grading Not Intended for Grading Question 6 of 7 Exercise 12-10 (Algorithmic) Question Saved Cengage Learning Cengage Technical Support Object 1