Business, 19.03.2021 02:20 AM28

L and M had been in partnership sharing profits and losses equally. P was admitted to the partnership and the partners continued to share profits and losses equally. Goodwill was valued at $48 000 but the partners agreed that no goodwill account would be retained in the books of account. What were the accounting entries to record the goodwill?
A)debit L capital account $16 000, debit M capital account $16 000, credit P capital account $32 000
B) debit P capital account $32 000, credit L capital account $16 000, credit M capital account $16 000
C) debit L capital account $8000, debit M capital account $8000, credit P capital account $16 000
D) debit P capital account $16 000, credit L capital account $8000, credit M capital account $8000

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 20:30

Anewspaper boy is trying to perfect his business in order to maximize the money he can save for a new car. daily paper sales are normally distributed, with a mean of 100 and standard deviation of 10. he sells papers for $0.50 and pays $0.30 for them. unsold papers are trashed with no salvage value. how many papers should he order each day and what % of the time will he experience a stockout? are there any drawbacks to the order size proposed and how could the boy address such issues?

Answers: 3

Answer

Business, 22.06.2019 10:20

Blue spruce corp. has the following transactions during august of the current year. aug. 1 issues shares of common stock to investors in exchange for $10,170. 4 pays insurance in advance for 3 months, $1,720. 16 receives $710 from clients for services rendered. 27 pays the secretary $740 salary. indicate the basic analysis and the debit-credit analysis.

Answers: 1

Answer

Business, 22.06.2019 20:00

Afirm is producing at minimum average total cost with its current plant. draw the firm's long-run average cost curve. label it. draw a point on the lrac curve at which the firm cannot lower its average total cost. draw the firm's short-run average total cost curve that is consistent with the point you have drawn. label it.g

Answers: 2

Answer

Business, 22.06.2019 20:00

River corp's total assets at the end of last year were $415,000 and its net income was $32,750. what was its return on total assets? a. 7.89%b. 8.29%c. 8.70%d. 9.14%e. 9.59%

Answers: 3

Answer

You know the right answer?

L and M had been in partnership sharing profits and losses equally. P was admitted to the partnershi...

Questions