Business, 22.08.2020 23:01 aaronjin4443

Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows:Floyd$50,000Merriam23,000Th ey agreed to admit Ramelow into the business for a one-fifth interest in the new partnership. Ramelow contributes $27,000 cash in exchange for the partnership interest. Assume that Floyd and Merriam shared profits and losses in a 3:1 ratio before the admission of Ramelow. Which of the following is the correct journal entry to record the above admission?a-Cash27,000 Ramelow, Capital27,000b-Cash27,000 Merriam, Capital7,000 Floyd, Capital20,000c-Merriam, Capital20,000Floyd, Capital7,000 Ramelow, Capital27,000d-Cash27,000 Floyd, Capital5,250 Merriam, Capital1,750 Ramelow, Capital20,000

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 05:30

Financial information that is capable of making a difference in a decision is

Answers: 3

Answer

Business, 22.06.2019 06:30

73. calculate the weighted average cost of capital (wacc) based on the following information: the equity multiplier is 1.66; the interest rate on debt is 13%; the required return to equity holders is 22%; and the tax rate is 35%. (a) 15.6% (b) 16.0% (c) 15.0% (d) 16.6% (e) none of the above

Answers: 2

Answer

Business, 22.06.2019 06:30

If the findings and the results are not presented properly, the research completed was a waste of time and money. true false

Answers: 1

Answer

Business, 22.06.2019 17:10

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)

Answers: 3

Answer

You know the right answer?

Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as o...

Questions