Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve asap a. Daniel retires and is paid $75,200 based on the terms of the original partnership agreement. If the bonus method is used,

please solve asap image text in transcribed
image text in transcribed
a. Daniel retires and is paid $75,200 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of Jenny after the transaction? Answer: b. Daniel retires and is paid $68,000 based on an independent appraisal of the business. If the goodwill method is used, what is the capital balance of Jenny after the transaction? Answer: c. The three partners agree to admit Lisa for a 20% interest. Lisa contributes $38,000 to the partnership. If the bonus method is used, what is the capital balance of Jenny after the transaction? Answer: d. The three partners agree to admit Lisa for a 20% interest. Lisa contributes $23,000 to the partnership. If the bonus method is used, what is the capital balance of Jenny after the transaction? Answer: e. The three partners agree to admit Lisa for a 30% interest. Lisa contributes $38,000 to the partnership. If the goodwill method is used, what is the goodwill being recorded? Answer: Jenny, Daniel, and Mason have the following capital balances: $30,000,$0,000 and $46,000 respectively. The partners share profits and losses 30%,30%, and 40% respectively. Consider the following five independent transactions: a. Daniel retires and is paid $75,200 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of Jenny after the transaction? Answer: b. Daniel retires and is paid $68,000 based on an independent appraisal of the business. If the goodwill method is used, what is the capital balance of Jenny after the transaction? Answer: c. The three partners agree to admit Lisa for a 20% interest. Lisa contributes $38,000 to the partnership. If the bonus method is used, what is the capital balance of Jenny after the transaction? Answer: d. The three partners agree to admit Lisa for a 20% interest. Lisa contributes $23,000 to the partnership. If the bonus method is used, what is the capital balance of Jenny after the transaction? Answer: e. The three partners agree to admit Lisa for a 30% interest. Lisa contributes $38,000 to the partnership. If the goodwill method is used, what is the goodwill being recorded

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_2

Step: 3

blur-text-image_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

Auditing Cases An Interactive Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

5th edition

132567237, 978-0132998345, 132998343, 978-0132567237

More Books

Students also viewed these Accounting questions

Question

Describe the importance of global talent management.

Answered: 1 week ago

Question

Summarize the environment of recruitment.

Answered: 1 week ago