Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jan 18, 2021

Using the Bonus Method, after the bonus is allocated, what will the balance be in new Partner D's capital account? (do not use dollar signs,

Using the Bonus Method, after the bonus is allocated, what will the balance be in new Partner D's capital account? (do not use dollar signs, decimals or commas; just input the numbers)

Step by Step Solution

★★★★★

3.43 Rating (156 Votes )

There are 3 Steps involved in it

Step: 1

When a bonus is paid in partnership cash to a retiring partner the departing partners capital account is debited and any bonus amount is allocated to the remaining partner accounts according to their ... blur-text-image

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

Document Format ( 2 attachments)

635de9f90560b_179933.pdf

180 KBs PDF File

635de9f90560b_179933.docx

120 KBs Word File

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

Advanced Accounting

Advanced Accounting

Authors: Debra C. Jeter, Paul Chaney

5th Edition

1118022297, 9781118214169, 9781118022290, 1118214161, 978-1118098615

More Books

Students also viewed these Accounting questions

Question

★★★★★

The Dobler and Menke Partnership has partner capital account balances as follows: Dobler, Capital $550,000 Menke, Capital 200,000 The partners share income and losses in the ratio of 60% to Dobler...

Answered: 1 week ago

Question

★★★★★

What can be said about the signs of the numbers a, b, and c in each case? (A) abc >0 (B) ab/c 0 (D) a2/bc Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★

Partner D is a 10 percent general partner in ABCD Partnership. The partnership's financial records for the current tax year reveal the following: Gross receipts from sales . . . . . . . . . . . . . ....

Answered: 1 week ago

Question

★★★★★

Consider Problem 13.28. The solvent MDEA becomes rich in acid gases. To recycle this solvent, it is first heated to 90C in exchanger E-2001 and then sent to the top stage of the stripper T-2002 as...

Answered: 1 week ago

Question

★★★★★

What do you understand by the term whistleblowing? You may need to do some research on this one.

Answered: 1 week ago

Question

★★★★★

Forbes magazine prints an annual Top-Earning Nonliving Celebrities list (based on royalties and estate earnings). Find the mean, median, mode, and midrange for the data. Comment on the skewness....

Answered: 1 week ago

Question

★★★★★

6.84 Suppliers A or B? A purchaser of electric relays buys from two suppliers, A and B. Supplier A supplies two of every three relays used by the com- pany. If 75 relays are selected at random from...

Answered: 1 week ago

Question

★★★★★

The following selected circumstances relate to pending lawsuits for Erismus, Inc. Erismuss fiscal year ends on December 31. Financial statements are published in March 2012. Erismus prepares its...

Answered: 1 week ago

Question

★★★★★

Equatorial Imports uses a periodic inventory system. Journal entries were prepared for the summarized transactions for 20X1. For simplicity it was assumed that the beginning and ending balances in...

Answered: 1 week ago

Question

★★★★★

Orie and Jane, husband and wife, operate a sole proprietorship. They expect their taxable income next year to be $450,000, of which $250,000 is attributed to the sole proprietorship. Orie and Jane...

Answered: 1 week ago

Question

★★★★★

Research 1. BP 22 known as Bouncing Checks Law; 2. Crime of Swindling or Estafa under the Revised Penal Code; 3. Letters of Credit; 4. Lending Regulation Act and 5. Finacing Company Act. No need to...

Answered: 1 week ago

Question

★★★★★

The performance of a technical device is described by m quality measures fj: R" R, j = 1, ..., m. The smaller their values the better the performance is. The requirements of technical feasibility...

Answered: 1 week ago

Question

★★★★★

(1) Evaluate the sums and products below for a few small values of n. Then make a conjecture about the value of the sum and product for all positive integers n, and prove your conjecture by...

Answered: 1 week ago

Question

★★★★★

In the two debugging exercises below can someone point out to me where errors are and what Correct coding is to fix the errors. // Program asks students for score on test and displays corresponding...

Answered: 1 week ago

Question

★★★★★

1. Oliver, Patrick & Quincy LLP, is beginning liquidation. It has no cash, total liabilities of P60,000 including a P10,000 loan payable to Patrick, and equal partners' capital account balances of...

Answered: 1 week ago

Question

★★★★★

Jump to level 1 A multimedia application allows users to create and edit their own songs and videos The customer owns the servers used in customer facilities. Which layers are managed by the...

Answered: 1 week ago

Question

★★★★★

Use R script This question uses the vectors xVec = sample(0:999,250,replace=T) yVec = sample(0:999,250,replace=T)c reated in the previous question and the functions sort, order, mean, sqrt, sum and...

Answered: 1 week ago

Question

★★★★★

CdF2 (s) Cd+ (aq) + 2 F- (aq) 1. A saturated solution of CdF2 is prepared. The equilibrium in the solution is represented above. In the solution [Cd+] eq = 0.0585 M and [F-] eq = 0.117 M. a....

Answered: 1 week ago

Question

★★★★★

Presentation Suppose that a firm would like to adopt the LIFO method to account for its inventories, but it is not practical to determine the amounts assigned to major classes of inventories. Can the...

Answered: 1 week ago

Question

★★★★★

MF Global Holdings Ltd. reported items relating to foreign currency translation in several places in its 2011 10-Kreport. Included in general and other expenses on the 2011, 2010, and 2009 income...

Answered: 1 week ago

Question

★★★★★

If the operations of a firm in some foreign countries are grouped into geographic areas, what factors should be considered in forming the groups?

Answered: 1 week ago

Question

★★★★★

Kennedy Company had a defined benefit obligation of $6,300,000 and plan assets of $4,900,000 at January 1, 2019. Kennedy has the following data related to the plan during 2019. Discount (interest)...

Answered: 1 week ago

Question

★★★★★

Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2018, with the following beginning balances: plan assets $200,000 and defined benefit obligation...

Answered: 1 week ago

Question

★★★★★

Chen Group sponsors a defined benefit pension plan for its employees. On January 1, 2019, the following balances related to this plan (amounts in thousands). Plan assets (fair...

Answered: 1 week ago

Previous Question Next Question