Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Jul 2017 My Price 10.00

tangible assets contributed

When a new partner is admitted into a partnership and the new partner receives a capital credit less than the tangible assets contributed, which of the following explains the difference? 
1. The new partner’s goodwill has been recognized. 
2. The old partners received a bonus from the new partner.

Shue, a partner in the Financial Brokers Partnership, has a 30% share in partnership profits and losses. Shue’s capital account had a net decrease of $100,000 during 2008. During 2008, Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?

A. $633,333

B. $466,666

C. $300,000

D. $190,000

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Jul 2017 03:07 PM My Price 10.00

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