After the Tangible Assets Have Been Adjusted to Current Market

question 195

Essay

After the tangible assets have been adjusted to current market prices, the capital accounts of Harper and Kahlil have balances of $60,000 and $90,000, respectively. Fay is to be admitted to the partnership, contributing $45,000 cash, for which she is to receive an ownership equity of $60,000. All partners share equally in income.​Required
(a) Journalize the entry to record the admission of Fay, who is to receive a bonus of $15,000.
(b) What are the capital balances of each partner after the admission of the new partner?​

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Definitions:

Narrative Job Analysis

An in-depth job analysis method that involves collecting detailed descriptions of job activities and requirements through stories and accounts from experienced employees.

Reduction Strategy

Approaches or plans designed to decrease the scale, extent, or quantity of something, often used in the context of cost or risk management.

Training Programs

Structured educational activities designed to enhance the skills, knowledge, and competencies of employees or individuals.

Narrative Job Analysis

Narrative Job Analysis is a method of job analysis that involves creating detailed descriptions of a job, capturing the complexity and nuance of tasks, responsibilities, and required skills.