Solved > 143) Cornell and Roberts are partners who agree:1889567 …

143) Cornell and Roberts are partners who agree to admit Stanley to their partnership. Cornell has a capital balance of $51,000 and Roberts has a capital balance of $70,000. Cornell and Roberts share net income in the ratio of 2:8. Prepare journal entries to admit Stanley to the partnership based on the following independent agreements. Round all amounts to the nearest dollar.

a) Stanley invests $50,000 cash into the partnership for a 20% interest.

b) Stanley invests $50,000 cash into the partnership for a 30% interest.

c) Stanley purchases one-third of Cornell’s capital for $20,000.

d) Stanley purchases one-half of Robert’s capital for $31,000.

144) Monica Turner and Anna Frost have capital balances of $200,000 and $250,000, respectively and have no net income/net loss agreement. On January 1, 2010, they agree to admit Emma Brown into their partnership and give her a 30% interest in the business.

Determine the balance in each partners’ capital account immediately following the admission of Emma in each of the following independent cases:

a) Emma contributes $250,000 cash to the business.

b) Emma contributes equipment valued at $275,000 to the business.

c) Emma contributes land valued at $180,000 to the business.

145) Dowker, Cross, and Rowe are partners in the DCR Company. They share profits and losses in a 3:5:2 ratio and have just closed their books for the period. The current balances in their capital accounts are $63,000, $49,000, and $94,000, respectively. Dowker has decided to withdraw from the partnership. The partners agreed, prior to the withdrawal of Dowker, that the assets needed to be revalued. Land with a cost of $55,000 has a current market value of $75,000. Inventory with a cost of $75,000 has a current market value of $70,000. Cross and Rowe have agreed to share net income in a 2:3 ratio.

a) Prepare the journal entries required to revalue the assets.

b) Prepare the journal entry to record the withdrawal of Dowker under each of the following independent assumptions:

1) The partnership gives cash to Dowker equal to his capital balance.

2) The partnership gives $76,000 cash to Dowker.

3) The partnership gives $56,000 cash to Dowker. is an online academic writing platform that provides extensive assistance to graduate school students as they work through their research projects, papers and dissertations. gives students access to experienced professionals who can provide the help they need in a timely and efficient manner. The service offers a wide range of services, including editing, proofreading, formatting, researching and more that can give students the confidence they need to write the perfect paper or dissertation for their chosen subject matter.

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