Sal Solan has a capital balance of $23,000; Sam Scott's balance is $22,000. Barbara Hamlet pays $100,000 to purchase Scott's interest in the Solan & Scott partnership. Scott gets the full $100,000. Requirements 1. Journalize the partnership's transaction to admit Hamlet to the partnership. 2. Must Solan accept Hamlet as a full partner? What rights does Hamlet have after purchasing Scott's interest in the partnership?
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- Todd Stratton has a capital balance of $24,000; Sharon Silver's balance is $19,000. Gavin Howard pays $100,000 to purchase Silver's interest in the Stratton & Silver partnership. Silver gets the full $100,000. Requirements 1. Journalize the partnership's transaction to admit Howard to the partnership. 2. Must Stratton accept Howard as a full partner? What rights does Howard have after purchasing Silver's interest in the partnership? Requirement 1. Journalize the partnership's transaction to admit Howard to the partnership. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit CreditSal Solan has a capital balance of $26,000; Sharon Silver's balance is $25,000. Grant Hill pays $110,000 to purchase Silver's interest in the Solan & Silver partnership. Silver gets the full $110,000. Requirements 1. Journalize the partnership's transaction to admit Hill to the partnership. 2. Must Solan accept Hill as a full partner? What rights does Hill have after purchasing Silver's interest in the partnership? Requirement 1. Journalize the partnership's transaction to admit Hill to the partnership. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit CreditT2 would like to purchase a partnership interest from T1. At the time of the purchase, T1's outside basis in the partnership interest is $20,000, which includes $3,000 of liabilities of the partnership allocable to T1. Determine T2's initial outside basis in the partnership interest if he acquires it from T1 for $27,500 in cash. Type your answer...
- Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $15,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,500.Prepare the entry to record Nichols’s investment in the partnership, assuming the equipment has a fair value of $4,000. What is the account title and explanation? what is debit? what is credit?Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $18,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,600. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $4,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation v Debit CreditThe DJ Partnership has two partners, Dawn and Jack. Each partner's basis in his or her partnership interest is $14,000 before any distribution. The partnership distributes $23,000 cash to Dawn and $5,000 cash to Jack. Read the requirements. Requirement a. Assuming a current distribution, determine for each partner (1) gain or loss recognized and (2) basis in the partnership interest after the distribution. (Complete all input fields. Enter a $0 for any zero balances. Enter a loss with a minus sign or parentheses.) Dawn Jack (1) Gain (loss) recognized Requirements (2) Basis in the partnership interest after the distribution a. Assuming a current distribution, determine for each partner (1) gain or loss recognized and (2) basis in the partnership interest after the distribution. b. Assuming a liquidating distribution, determine each partner's gain or loss recognized.
- Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $222,000 and $93,000, respectively. Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis. a. What entry is required by the partnership if the sales price is $60,000? If an amount box does not require an entry, leave it blank. fill in the blank 0b7edefb8011019_2 fill in the blank 0b7edefb8011019_3 fill in the blank 0b7edefb8011019_5 fill in the blank 0b7edefb8011019_6 b. What entry is required by the partnership if the sales price is $90,000? If an amount box does not require an entry, leave it blank. fill in the blank 5aa9c705f072fc1_2 fill in the blank 5aa9c705f072fc1_3 fill in the blank 5aa9c705f072fc1_5 fill in the blank 5aa9c705f072fc1_6Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $210,000 and $62,500, respectively. Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis. What entry is required by the partnership if the sales price is (a) $60,000? (b) $80,000?2. Recording investment of assets and liabilities in a partnership. Sarah Punter operates a sole proprietorship business that sells golf equipment. In 2019, Punter agrees to transfer her assets and liabilities to a partnership that will operate The Golf Shop. Punter will own a two-thirds interest in the capital of the partnership. The agreed-upon values of assets and liabilities to be transferred follow: Total accounts receivable of $260,000 will be transferred and approximately $10,000 of these accounts may be uncollectible Merchandise inventory, $212,000 Furniture and fixtures, $96,000 Accounts payable, $37,000Required: Record the receipt of the assets and liabilities by the partnership in the general journal.
- Higgins is admitted to the partnership of Rengel & Novak. Prior to her admission, the partnership books show Rengel's capital balance at $160,000 and Novak's at $80,000. Assume Rengel and Novak share profits and losses equally. Read the requirements. .... . Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Higgins pays $95,000 for Novak's equity. Higgins pays Novak directly. Begin by computing the partner's equity base for plan a. Higgins pays $95,000 for Novak's equity. Higgins pays Novak directly. (Enter a share for each partner. Complete all answer boxes. For accounts with a $0 balance, make sure to enter "0" in the appropriate cell. Enter negative amounts with a parentheses or minus sign.) Plan A Rengel Novak Higgins Plan A: Partnership capital before admission of Higgins Requirements Plan A: Effect on capital balance as a result of admission of Higgins Plan A: Partnership capital after admission of Higgins 1. Compute…For Das to obtain a 1/3 interest in the partnership, how much must his cash investment be? How much is the capital of Adee upon partnership formation? Adee admitted Das as a particular in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 Inventories 216,000 Accounts Payable 74,400 Adee, Capital 316,800 In order to establish Da’s Interest, the partners agreed on the following: An allowance of doubtful accounts of 2% s to be established Merchandise Inventory is to be valued at P242,400 Prepaid expenses of p4,200 and accrued expenses of P4,800 are to be recognize. Note: Please answer each number thank you.Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $24,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $5,120. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $6.400. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit