406

The Locard Exchange Principle would identify _____ as physical evidence.

Lostsunrise [7]

B. dead body in the kitchen

5 0

4 years ago

In the GMP partnership (to which Elan seeks admittance), the capital balances of Mary, Gene, and Pat, who share income in the ra

Inga [223]

Answer:

A. $222,000

B. Dr Cash $80,000

Dr Goodwill 31,000

Cr Elan, Capital $111,000

C. Dr Cash $200,000

Cr Mary, Capital $40,080

Cr Gene, Capital $20,040

Cr Pat, Capital $6,680

Cr Elan, Capital $133,200

Explanation:

A. Calculation to determine how much must Elan invest for a one-third interest

First step is to calculate the 2/3 of the total resulting capital balance of Mary, Gene, and Pat

Mary $266,400

Gene 133,200

Pat 44,400

Total $44,000

Total resulting capital balance=$444,000/2/3)

Total resulting capital balance= $444,000 / .666666

Total resulting capital balance=$ 666,000

Second step is to calculate how much must Elan invest for a one-third interest

Investment for one-third interest= $666,000 x 1/3

Investment for one-third interest=$666,000 x .333333

Investment for one-third interest=221,999.9

Investment for one-third interest=$222,000 (Approximately)

Therefore how much must Elan invest for a one-third interest is $222,000

B. Preparation of journal entry for the admission of Elan if she invests $80,000 for a 20 percent interest and goodwill is recorded.

First step is to calculate the Estimated amount of goodwill to the new partner

Estimated total capital $ 555,000

[($444,000÷(100%-20%)]

Less Total net assets (524,000)

($444,000 + $80,000)

Estimated goodwill to the new partner $31,000

($ 555,000-$524,000)

Now let prepare the journal entry

Dr Cash $80,000

Dr Goodwill 31,000

Cr Elan, Capital $111,000

[(444,,000÷(100%-20%)*20%)]

=($444,000/80%*20%)

=$111,000

C. Preparation of journal entry for the admission of Elan if she invests $200,000 for a 20 percent interest while the Total capital will be $600,000.

First step

Amount Invested in partnership $ 20,000

Less New partner's book value ($133,200)

[($444,000 + $222,000) x .20]

Difference $66,800

($200,000-$133,200)

Now let prepare the journal entry using ratio 6:3:1

Dr Cash $200,000

Cr Mary, Capital $40,080

($66,800 x .60)

Cr Gene, Capital $20,040

($66,800 x .30)

Cr Pat, Capital $6,680

($66,800 x .10)

Cr Elan, Capital $133,200

($666,000 x .20)

7 0

3 years ago

How many years of school does it take to become a vet???

avanturin [10]

You must obtain your doctorate in veterinary medicine which generally takes four years

6 0

4 years ago

Read 2 more answers

Lulu trucking ( LT) scenario

kogti [31]

I dont get this but ueah

8 0

3 years ago

The following data relate to the operations of Slick Software, Inc., during 2018. Continuing operations:

Maurinko [17]

Answer:

A. $5.70

B. $7,625,000

C. $2.25

D. UNFAVORABLE amount of $4.25

Explanation:

a.Preparation of a condensed income statement for 2018,

SLICK SOFTWARE, INC.Condensed Income StatementFor the Year Ended December 31, 2018

Net sales $19,850,000

Costs and expenses $16,900,000

Income from continuing operations$2,950,000

Discontinued operations:

Operating income $140,000

Loss on disposal (net of income tax benefit)(550,000)

Income before extraordinary item $2,540,000 Extraordinary loss (net of income tax benefit)(900,000)

(550,000+350,000)

Net income$1,640,000

($2,540,000-900,000)

Earnings per share:

Earnings from continuing operations$12.25

[($2,950,000 - $500,000) ÷200,000]

Loss from discontinued operations (2.05)

($410,000 ÷ 200,000 shares)

Earnings before extraordinary items $10.20

[($2,540,000 - $500,000 preferred dividends) ÷ 200,000]

Extraordinary loss (4.50)

($900,000 ÷200,000 shares)

Net earnings $5.70

[($1,640,000 - $500,000 preferred dividends)÷200,000 shares]

Calculation for Preferred dividends:

Preferred dividends: 80,000 shares x $6.25 =$500,000

b.Preparation of a statement of retained earnings for the year ended December 31, 2018

SLICK SOFTWARE, INC.Statement of Retained Earnings For the Year Ended December 31, 2018

Retained earnings, December 31 2017 $7,285,000

Less: prior period adjustment350,000

Restated$6,935,000

Net income1,640,000

Subtotal$8,575,000

($6,935,000+1,640,000)

Cash dividends(950,000)

Retained earnings, December 31, 2017 $7,625,000

($8,575,000-$7,625,000)

c.Computation for the amount of cash dividend per share of common stock

Total cash dividends declared during 2018 $950,000

Less: Preferred stock dividend 500,000

(80,000 shares x $6.25 per share)

Cash dividends to common stockholders $450,000

Number of common shares outstanding 200,000

Cash dividend per common share $2.25

($450,000 ÷ 200,000 shares)

D. The amount of $8.00 earnings per share figure in 2019 will have unfavorable figure when compared with the year 2018 reason been that

the year 2019 has one Earnings Per Share amount which is why we should compared it to the earnings per share from continuing operations in year 2018, which gave us the amount of $12.25 per share[($2,950,000 - $500,000) ÷200,000] which inturn makes Slick Software, Inc.’s earnings per share from continuing operations to reduce to the amount of $4.25 per share ($12.25-$8.00) from the year 2018 to 2019

4 0

4 years ago