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frosja888 [35]
3 years ago
7

Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of

$249,000 and $105,000, respectively. Etter, with the consent of Santori, sells one-third of her interest to Lonnie Davis. What entry is required by the partnership if the sales price is $70,000?
Business
1 answer:
Artyom0805 [142]3 years ago
6 0

Answer:

Etter capital                           $83,000

Lonnie Davis capital                                   $83,000

Explanation:

Data provided in the question:

Capital balance of  Myles Etter = $249,000

Capital balance of  Crystal Santori = $105,000

Amount of interest sold by the Etter to Lonnie Davis = one-third

Sales price = $70,000

Now,

Required entry will be as follows

Etter capital                           $83,000

Lonnie Davis capital                                   $83,000

Here,

the cash will be directly received by the Etter not by the partnership

Hence,

It will have not effect on the entry.

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Answer:

<u>The correct answer is that the cost of the ending inventory using the retail inventory method is US$ 100,962</u>

Explanation:

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Beginning Inventory $ 48,000 $ 70,000

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Cost to Retail Ratio

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Ending Inventory                                          $ 180,000

× Cost to Retail Ratio                                    0.5609

<u>Ending Inventory                           $ 100,962 </u>

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