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
Another question on Business
Business, 21.06.2019 20:30
1. gdp is calculated by summing consumption, investment, and exports of all final goods and services produced within the borders of a given country during a specific period the dollar value of all final goods and services produced within the borders of a given country during a specific period government expenditures within the borders of a given country during a specific period the quantity of all final goods and services produced within the borders of a given country during a specific period
Answers: 3
Business, 21.06.2019 22:10
You have just received notification that you have won the $2.0 million first prize in the centennial lottery. however, the prize will be awarded on your 100th birthday (assuming you're around to collect), 66 years from now. what is the present value of your windfall if the appropriate discount rate is 8 percent?
Answers: 1
Business, 22.06.2019 18:00
Interpreting the income tax expense footnote the income tax footnote to the financial statements of fedex corporation follows. the components of the provision for income taxes for the years ended may 31 were as follows: ($ millions) 2010 2009 2008 current provision domestic federal $ 36 $ (35) $ 514 state and local 54 18 74 foreign 207 214 242 297 197 830 deferred provisions (benefit) domestic federal 408 327 31 state and local 15 48 (2) foreign (10) 7 32 413 382 61 provision for income taxes $ 710 $ 579 $ 891 (a)what is the amount of income tax expense reported in fedex's 2010, 2009, and 2008 income statements?
Answers: 2
Business, 22.06.2019 19:50
Right medical introduced a new implant that carries a five-year warranty against manufacturer’s defects. based on industry experience with similar product introductions, warranty costs are expected to approximate 2% of sales. sales were $8 million and actual warranty expenditures were $42,750 for the first year of selling the product. what amount (if any) should right report as a liability at the end of the year?
Answers: 2
You know the right answer?
L and M had been in partnership sharing profits and losses equally. P was admitted to the partnershi...
Questions
Medicine, 11.11.2020 03:30
English, 11.11.2020 03:30
Health, 11.11.2020 03:30
History, 11.11.2020 03:30
Mathematics, 11.11.2020 03:30
