Chat with us, powered by LiveChat At April 30, partners' capital balances in YBG Com - Writemia

At April 30, partners’ capital balances in YBG Com

At April 30, partners’ capital balances in YBG Company are: Younger $30,000, Beyer $16,000, and Giger $10,000. The income-sharing ratios are 5:3:2, respectively. On May 1, the YBGE Company is formed by admitting Edelman to the firm as a partner.Instructions(a)Journalize the admission of Edelman under each of the following independent assumptions.(1)Edelman purchases 50% of Giger’s ownership interest by paying Giger $4,000 in cash.(2)Edelman purchases 50% of Beyer’s ownership interest by paying Beyer $10,000 in cash.(3)Edelman invests $29,000 cash in the partnership for a 40% ownership interest that includes a bonus to the new partner.(4)Edelman invests $24,000 in the partnership for a 20% ownership interest, and bonuses are given to the old partners.(b)Beyer’s capital balance is $25,000 after admitting Edelman to the partnership by investment. If Beyer’s ownership interest is 25% of total partnership capital, what were (1) Edelman’s cash investment and (2) the total bonus to the old partners?

Do you need an answer to this or any other questions?

About Writemia

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order