Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 6.00

Bill and Ken

Recording new partner investment and partner retirements—Various situations

Bill and Ken enter into a partnership agreement in which Bill is to have a 60% interest in capital and profits and Ken is to have a 40% interest in capital and profits. Bill contributes the following:

 

Cost

Fair Value

Land

$ 10,000

$20,000

Building

100,000

60,000

Equipment

20,000

15,000

There is a $30,000 mortgage on the building that the partnership agrees to assume. Ken contributes $50,000 cash to the partnership. Bill and Ken agree that Ken’s capital account should equal Ken’s $50,000 cash contribution and that goodwill should be recorded. Goodwill should be recorded in the amount of:

a $10,000

b $15,000

c $16,667

d $20,000

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 6.00

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