Apartnership has the following account balances:
cash $50,000; other assets $600,000;...
Business, 17.12.2019 20:31 PinkDivaGirl02
Apartnership has the following account balances:
cash $50,000; other assets $600,000; liabilities $240,000; nixon, capital (50 percent of profits and losses) $200,000; hoover, capital (20 percent) $120,000; and polk, capital (30 percent) $90,000.
each of the following questions should be viewed as an independent situation:
a. grant invests $80,000 in the partnership for an 18 percent capital interest. goodwill is to be recognized. what are the capital accounts thereafter?
b. grant invests $100,000 in the partnership to get a 20 percent capital balance. goodwill is not to be recorded. what are the capital accounts thereafter?
Answers: 2
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