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

Question

1 Approved Answer

Nwoko and Hoong are partners who share profits and losses equally. Their capital account balances are $98,000 and $67,000, respectively. Garcia is admitted to the

Nwoko and Hoong are partners who share profits and losses equally. Their capital account balances are $98,000 and $67,000, respectively. Garcia is admitted to the partnership and is given a 30% interest by investing $65,000. What would the journal entry to admit Garcia include a

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

Financial Accounting

Financial Accounting

Authors: Warren, Reeve, Duchac

12th Edition

1133952410, 9781133952411, 978-1133952428

More Books

Students also viewed these Accounting questions

Question

★★★★★
Kap and Ner are partners who share profits and losses in the ratio of 70:30%, respectively. Pak's salary is Php 50,000 and Php 25,000 for Ner. The partners are also paid interest on their average...

Answered: 1 week ago

Question

★★★★★
Select the correct answer for each of the following questions. The following balance sheet is for the partnership of Alex, Betty, and Claire, and relates to questions 1 and 2 : 1. If the assets are...

Answered: 1 week ago

Question

★★★★★
Select the correct answer for each of the following questions. Note: The following balance sheet is for the partnership of Alex, Betty, and Claire in questions 1 and 2: Cash $ 20,000 Other Assets...

Answered: 1 week ago

Question

★★★★★
Discuss why the length of an OH bond obtained from X-ray diffraction experiments averages 85 pm whereas that obtained in neutron diffraction experiments averages 96 pm. Would you expect to see...

Answered: 1 week ago

Question

★★★★★
Some overhead data for Keane Company are given in BE25-6. In addition, the flexible manufacturing overhead budget shows that budgeted costs are $4 variable per direct labor hour and $50,000 fixed....

Answered: 1 week ago

Question

★★★★★
How does the accounting for sales to customers using bank credit cards, such as MasterCard and VISA, differ from accounting for sales to customers using nonbank credit cards, such as American...

Answered: 1 week ago

Question

★★★★★
What is the first-attempt pass rate for your students on the licensure exams? (Applied Programs Only)

Answered: 1 week ago

Question

★★★★★
Charles Byrd was in a minimum- security jail awaiting trial. A team of sheriffs deputies took several inmates into a room for a strip search without any apparent justification. Byrd was ordered to...

Answered: 1 week ago

Question

★★★★★
In the current year, Bill spent $800 to bribe an IRS agent regarding his tax return. Bill also spent $1,000 in political contributions. As a result, what amount can Bill deduct on his current year...

Answered: 1 week ago

Question

★★★★★
Danny Imasuen is a 37-year-old student working in Quebec. His wages for the current weekly pay period are $580.00. The employer pays $22.00 for life insurance premiums and $190.00 for group medical...

Answered: 1 week ago

Question

★★★★★
At a constant force of interest, $200 accumulates to $240 over the course of 8 years. Find the force of interest .

Answered: 1 week ago

Question

★★★★★
Labor relations in HRM deals with: Question 10Answer a. complaints and arbitrations. b. conflict management c. settlement agreements d. All of the above

Answered: 1 week ago

Question

★★★★★
Indira is getting ready to shift from a building mindset to a learning mindset for her projects. What is the first thing she will do to prioritize learning? Select an answer: Debate that learning...

Answered: 1 week ago

Question

★★★★★
Deb Bishop Health and Beauty Products has developed a new shampoo and you need to develop its aggregate schedule. The cost accounting department has supplied you the cost relevant to the aggregate...

Answered: 1 week ago

Question

★★★★★
The script should run every 30 minutes using a cron job under user "bill" and work exactly as described in the man page accompanying this exercise. When a zombie is detected a log message is appended...

Answered: 1 week ago

Question

★★★★★
Which bias helps to explain why people like to go to all-inclusive resorts, where the entire cost of the vacation is paid upfront, and guests don't have to pay for individual meals, drinks,...

Answered: 1 week ago

Question

★★★★★
Your friend who is studying marketing has been learning about flexing a budget based on the figures below; Budgeted Units: 1245 Actual Units: 1300 Friend's Budget Budgeted Actual Sales Value 12,450...

Answered: 1 week ago

Question

★★★★★
Interest Compounded Annually. When P dollars is invested at interest rate i, compounded annually, for t years, the investment grows to A dollars, where A = P(1 + i) t . Trevor's parents deposit $7800...

Answered: 1 week ago

Question

★★★★★
10.111 Auto Design An experiment is conducted to compare two new automobile designs. Twenty people are randomly selected, and each person is asked to rate each design on a scale of 1 (poor) to 10...

Answered: 1 week ago

Question

★★★★★
10.112 Safety Programs The data shown here were collected on lost-time accidents (the figures given are mean work-hours lost per month over a period of one year) before and after an industrial safety...

Answered: 1 week ago

Question

★★★★★
10.117 Sleep and the University Student How much sleep do you get on a typical study night? A group of 10 university students were asked to report the number of hours that they slept on the previous...

Answered: 1 week ago

Previous Question Next Question