Question
At April 30, partners capital balances in crane company are G Donley $42,640, C.Lamar $39,360, and J. Pinkston $14760. The income sharing ratios are 5
At April 30, partners capital balances in crane company are G Donley $42,640, C.Lamar $39,360, and J. Pinkston $14760. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT company is formed by admitting J.Terrell to the firm as a partner. - Journalize the admission of Terrell under each of the following independent assumptions. - Lamars capital balance is $26,240 after admitting Terrell to the partnership by investment. If Lamars ownership interest is 20% of total partnership capital, what were (1) Terrells cash investment and (2) the bonus to the new partner?
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Managerial Accounting Tools for business decision making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th edition
470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144
