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

Question

1 Approved Answer

The capital balances of Partners Marcus and Nelly are $70,000 and 95,000 respectively. The income sharing ratio is 50:50. The partnership agreed to admit Odell

The capital balances of Partners Marcus and Nelly are $70,000 and 95,000 respectively. The income sharing ratio is 50:50. The partnership agreed to admit Odell through Odell's investment of $35,000 for 36% interest Prepare the journal entry to admit Odell into the businessimage text in transcribed

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

Comparative International Accounting

Comparative International Accounting

Authors: Christopher Nobes, Robert Parker

14th Edition

1292296461, 978-1292296463

More Books

Students also viewed these Accounting questions

Question

★★★★★
Plate ABD and rod OB are rigidly connected and rotate about the ball-and-socket joint O with an angular velocity = xi + xj + zk. Knowing that vA = (80 mm/s)i + (360 mm/s)j + (vA)z k and x = 1.5...

Answered: 1 week ago

Question

★★★★★
Guilty \& Innocent, a law firm, performed legal services in late December 1999 for clients. The \(\$ 30,000\) of services would be billed to the clients in January 2000. Give the adjusting entry that...

Answered: 1 week ago

Question

★★★★★
Be prepared to discuss your career plans.

Answered: 1 week ago

Question

★★★★★
Turn back to Figure, which lists prices of various IBM options. Use the data in the figure to calculate the payoff and the profits for investments in each of the following January expiration options,...

Answered: 1 week ago

Question

★★★★★
q , are executable statements that inform the user what to do . Variables Named constants Expressions Prompt lines

Answered: 1 week ago

Question

★★★★★
You can save money selling your own home, but it requires an investment in and effort.

Answered: 1 week ago

Question

★★★★★
Question 7: Mr. X (aged 55 years) owned a residential house in Ghaziabad. It was acquired by Mr. X on 10- 10-2007 for $6,00,000. He sold it for * 50,00,000 on 4-11-2018. The stamp valuation authority...

Answered: 1 week ago

Question

★★★★★
match the six areas of power BI with the consepts we applied in each. 1 ) create & format report visuals. 2 ) power query. 3 ) power BI service. 4 ) DAX meassures. 5 ) user experience. 6 ) data...

Answered: 1 week ago

Question

★★★★★
2. What does Smith mean by, "The complaint of the workmen, that it puts the ablest and most industrious upon the same footing with an ordinary workman, seems perfectly well Founded"? How is it...

Answered: 1 week ago

Question

★★★★★
FREE CASH FLOW Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2016 2015 Sales...

Answered: 1 week ago

Question

★★★★★
Initial investment-Basic calculation Cushing Corporation is considering the purchase of a new grading machine to replace the existing one. The existing machine was purchased 3 years ago at an...

Answered: 1 week ago

Question

★★★★★
2. Now list, after going through a-c, three things that you want to be the impres-sion you want others to be left with after meeting you, and that you want to be lasting over time. List four points...

Answered: 1 week ago

Question

★★★★★
Relax your shoulders

Answered: 1 week ago

Question

★★★★★
Keep your head straight on your shoulders

Answered: 1 week ago

Previous Question Next Question