Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 31, 2022

Partner Bonus Burns has a capital balance of $61,000 after adjusting assets to fair market value. Marler contributes $35,000 to receive a 35% interest

Partner Bonus Burns has a capital balance of $61,000 after adjusting assets to fair market value. Marler contributes $35,000 to receive a 35% interest in a new partnership with Burns. Determine the amount and recipient of the partner bonus. Amount of bonus Recipient of bonus Mader

Step by Step Solution

★★★★★

3.45 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

Equity of Burns 61000 Marlers contribution 35000 Total equity after admitting Ma... 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

Step: 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

Accounting

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

28th Edition

1337902683, 978-1337902687

More Books

Students also viewed these Business Communication questions

Question

★★★★★

Todd has a capital balance of $170,600 after adjusting assets to fair market value. Zanetti Killingsworth contributes $45,500 to receive a 40% interest in a new partnership with Todd. Determine the...

Answered: 1 week ago

Question

★★★★★

Patel has a capital balance of $310,000 after adjusting assets to fair market value. Banks contributes $490,000 to receive a 60% interest in a new partnership with Patel. Determine the amount and...

Answered: 1 week ago

Question

★★★★★

Maples has a capital balance of $65,000 after adjusting assets to fair market value. Baker contributes $25,000 to receive a 30% interest in a new partnership with Maples. Determine the amount and...

Answered: 1 week ago

Question

★★★★★

Good Morning Food, Inc. is using the profitability index (PI) when evaluating projects. You have to find the PI for the company's project, assuming the company's cost of capital is 14.29 percent. The...

Answered: 1 week ago

Question

★★★★★

Alliance Appliance Ltd. (AAL) is an assembler and distributor of household appliances: primary kitchen equipment as well as washing machines and driers. AAL assembles the appliances from components...

Answered: 1 week ago

Question

★★★★★

Assume that a trial balance is prepared with an account balance of $18,950 listed as $18,590 and an account balance of $7,200 listed as $720. Identify the transposition and the slide.

Answered: 1 week ago

Question

★★★★★

After computing a confidence interval for the difference of two proportions, why is it important to determine whether or not 0 falls in the confidence interval?

Answered: 1 week ago

Question

★★★★★

Determine the optimal-stage location for each feed and the number of theoretical stages required for the distillation separation shown in Figure 7.42 using the following equilibrium data in mole...

Answered: 1 week ago

Question

★★★★★

Stock R has a beta of 1.5, Stock S has a beta of 0.75, the required return on an average stock is 11%, and the risk-free rate of return is 6%. By how much does the required return on the riskier...

Answered: 1 week ago

Question

★★★★★

Trapezoidal rule and or Simpson's 1/3rd rule are commonly used to find the approximate surface area of the agricultural land or some irregular surfaces. In this project you need to design a township...

Answered: 1 week ago

Question

★★★★★

K Use the quadratic formula to x-6x-7=0

Answered: 1 week ago

Question

★★★★★

IDinsight is evaluating the impact of a new fertilizer on farmer income. 10 farmers who received fertilizer harvested a total of 500 bags of beans and 10 farmers that did not use fertilizer harvested...

Answered: 1 week ago

Question

★★★★★

Geography is a part of the global economy, especially from the perspective of economic interdependence. The patterns of networks include exchanges of very different types of economic connections that...

Answered: 1 week ago

Question

★★★★★

A dispute has arisen between an accountant (CPA) and his client.The CPA performed services for the client, but has not been paid for over a year.The client has demanded the working papers and her...

Answered: 1 week ago

Question

★★★★★

For the same randomized experiment, under what circumstances does Y~T+G+ E control possible bias in the vanilla specification Y~T+ E ? a) As mentioned in the previous question, controlling G for via...

Answered: 1 week ago

Question

★★★★★

You are considering two possible marketing campaigns for a new product. The first marketing campaign requires an outlay next year of 2M, and then will pay 0.24M in all subsequent years. The second...

Answered: 1 week ago

Question

★★★★★

USE RISCV PLEASE Problem 7: 9 pts) Part 1: (6 pts) Translate function f into RISc-V assembly language. Assume that the function declaration for function g is: t g int a, int b)i The code for function...

Answered: 1 week ago

Question

★★★★★

Anna, a high school counselor, devised a program that integrates classroom learning with vocational training to help adolescents at risk for school dropouts stay in school and transition to work...

Answered: 1 week ago

Question

★★★★★

Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 20Y5: Based on the preceding spreadsheet,...

Answered: 1 week ago

Question

★★★★★

Currently, the unit selling price of a product is $750, the unit variable cost is $600, and the total fixed costs are $2,550,000. A proposal is being evaluated to increase the unit selling price to...

Answered: 1 week ago

Question

★★★★★

The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round...

Answered: 1 week ago

Question

★★★★★

Debra paid $99,615 for a $100,000 T-bill with 30 days remaining until maturity. What (annual) rate of interest will she earn? (Taken from CIFP course materials.)

Answered: 1 week ago

Question

★★★★★

Doina borrowed $7000 from her credit union on a demand loan on July 20 to purchase a motorcycle. The terms of the loan require fixed monthly payments of $1400 on the first day of each month,...

Answered: 1 week ago

Question

★★★★★

Dr. Robillard obtained a $75,000 operating line of credit at prime plus 1%. Accrued interest up to but not including the last day of the month is deducted from his bank account on the last day of...

Answered: 1 week ago

Previous Question Next Question