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Oliga [24]
2 years ago
14

Assume that Partners A and B each report a Capital Account of $500,000. Partner C wants to join the partnership as an equal one-

third partner. Because the partnership has been very profitable, Partners A and B require Partner C to contribute $800,000 in cash to the partnership in return for a one-third interest. Assume that Partners A and B share profits 60% and 40%, respectively, prior to the admission of Partner C. Assume that the partners believe that the payment by Partner C provides evidence of a previously unrecorded intangible asset in the partnership and the partners wish to record the intangible on the post-realignment partnership balance sheet. After admission of Partner C, Partners A and B retain their relative proportion of profit allocation after granting Partner C a 25% profit-allocation interest. Use the Goodwill Method to record the journal entry on the books of the partnership to reflect the admission of Partner C
Business
1 answer:
Radda [10]2 years ago
3 0

The journal entry shows that there'll be a debit of cash for $800,000.

<h3>How to illustrate the journal entry?</h3>

The capital to be contributed will be:

= ($500000 + $500000 + $800000)/3

= $1,800,000/3

= $600,000

Capital account, Partner A = ($800000 - $600000) × 60% = $120000

Capital account, Partner B = ($800000 - $600000) × 40% = $80000

Capital account, Partner C = $600000

The journal entry will be:

Debit Cash $800000

Credit Capital account, Partner A = $120000

Credit Capital account, Partner B = $80000

Credit Capital account, Partner C = $600000

(Being the capital account of partner and C is admitted as partner)

Learn more about journals on:

brainly.com/question/14279491

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From the list that jill made for a shopping trip to the grocery store, she could recall only the items in the beginning and in t
Veseljchak [2.6K]

this is an example of semantic memory

<h3>What is semantic memory?</h3>

Semantic memory refers to general world knowledge collected by humans over the course of their lifetimes. This general knowledge is influenced by experience and culture.

You are using semantic memory when you know what an object is, the name of a color, or the name of the president. Semantic memory is critical for children and students since it allows you to recall the facts that you are learning and being evaluated on.

Semantic memory is conscious long-term memory for the world's meaning, understanding, and conceptual facts. Semantic memory is one of two types of explicit, conscious, long-term memory, which is memory that may be recovered into conscious awareness after a considerable delay (from several seconds to several minutes).

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8 0
2 years ago
The study done by the Committee of Sponsoring Organizations (COSO) on financial statement frauds that occurred during the period
Nadya [2.5K]

Answer:

Most of these firms had audit committees that met at least four times a year.

Explanation:

COSO stands for Committee of Sponsoring Organization, which is an organization that is dedicated to offering the thought of guidance as well as leadership on the fraud deterrence, internal control and management of  enterprise risk.

From the findings which is not found as fraud is that the most of the firms or businesses had committees of audit which met at least 4 times a year.

3 0
3 years ago
The basic difference in the economic effects of a tariff compared with a quota is that a:
Paul [167]
The basic difference in the economic effects of a tariff compared with a quota is that tariff is more likely to generate revenue for the government. Both of tariff and quota are forms of governmental regulation for protecting the international trade with other countries. Tariff is undertaken by government to protect the international trade by maintaining the tax rate of the trade. Quota is undertaken by government by maintaining the quantity of the items in the trade. These regulations impact importers or exporters in a country.
8 0
3 years ago
Brad has a comparative advantage in the production of a. wheat and Theresa has a comparative advantage in the production of beef
Flura [38]

Complete/Correct Question:

Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate.

Minutes Needed to Make

1 Bushel of Wheat

Brad: 10

Theresa: 6

1 Pound of Beef

Brad: 12

Theresa: 10

Brad has a comparative advantage in the production of

a. wheat and Theresa has a comparative advantage in the production of beef.

b. beef and Theresa has a comparative advantage in the production of wheat.

c. both goods and Theresa has a comparative advantage in the production of neither good.

d. neither good and Theresa has a comparative advantage in the production of both goods.

Answer:

B, beef and Theresa has a comparative advantage in the production of wheat.

Explanation:

Firstly, let's define comparative advantage.

Comparative advantage can be said to be the ability to produce a product at a far lesser rate than is obtainable.

From the above question, it can be deduced that Theresa has a comparative advantage in the production of wheat going by the huge difference in the time needed to produce wheat.

On the other hand, Brad has a comparative advantage in the production of beef. This is because the time difference in the production time of wheat isn't the same with beef and as such Brad has some advantage in this regard.

Cheers.

3 0
3 years ago
Which strategy is considered a timeout? captive company rebirth pause/proceed-with-caution contraction concentration
Pachacha [2.7K]

Answer: Pause/Proceed-with-caution

Explanation:

A timeout strategy refers to when a company decides to scale down a certain or certain operations for a time to effectively rest. The Pause/Proceed with caution strategy is a timeout strategy because it involves the company pausing operations to enable it assess the market before it can launch a bigger grand strategy.

This strategy is also employed when a company has gone through changes such as a serious expansion. They take a pause to enable the changes brought by the expansion to seep through the organization to give employees the chance to get acquainted with the changes so that moving forward, everyone is more or less on the same page.

3 0
4 years ago
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