A Summary Balance Sheet for the Partnership of Maddy, Nelson

question 29

Essay

A summary balance sheet for the partnership of Maddy, Nelson and Olsen on December 31, 2014 is shown below. Partners Maddy, Nelson and Olsen allocate profit and loss in their respective ratios of 9:6:10.
The partners agree to admit Poosh for a one-tenth interest. The fair market value for partnership land is $180,000, and the fair market value of the inventory is $150,000.
Required:
1. Record the entry to revalue the partnership assets prior to the admission of Poosh.
2. Calculate how much Poosh will have to invest to acquire a 10% interest.
3. Assume the partnership assets are not revalued. If Poosh paid $200,000 to the partnership in exchange for a 10% interest, what is the bonus that is allocated to each partner's capital account?

Comprehend the technologies that provide internet connectivity and their usage in various situations.

Recognize the importance and methods of securing internet communications.

Differentiate between types of malware and their effects on computer systems.

Understand the principles of protecting a wireless network and the technologies involved.

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Definitions:

Gastrointestinal Issues

Problems related to the digestive tract, including the stomach and intestines, that can affect digestion and overall health.

Fiber

A type of carbohydrate that the body can't digest, found in the plants we eat for food — important for digestive health.

Worldview

Perception of the world that is biased by culture and personal experience.

Counseling Relationship

The professional and therapeutic bond that forms between a counselor and their client, built on trust, respect, and confidentiality.