Question :
77. Peter Nguyen and Loren Washington partners who share profits and : 1197642
77. Peter Nguyen and Loren Washington are partners who share profits and losses in the ratio of 60:40, respectively. On December 31, 2013, they decide that Washington will sell one-half of her interest to Grace Dolores. At that time, the balances of the capital accounts are $75,000 for Nguyen and $45,000 for Washington. The partners agree that before the new partner is admitted, certain assets should be revalued. These assets include merchandise inventory carried at $42,000 revalued at $48,000, and a building with a book value of $100,000 revalued at $120,000. On page 10 of a general journal, record the revaluation entries. Omit descriptions. Then, determine the capital balances of the two existing partners after the revaluation is made.
78. Catherine Vollick and Danica Hubbard are partners. To expand the expertise of their business, they have agreed to admit Kyle Simon to the partnership on January 1, 2013. The capital account balances on January 1, 2013, after revaluation of assets, are Vollick, $80,000, and Hubbard, $60,000. Net income or net loss is shared equally. On page 8 of a general journal, record the admission of Simon to the partnership on January 1, 2013, assuming that Vollick sells one-half of her interest to Simon for $50,000 in cash. Omit the description.
79. Kaitlyn Fields and Tyler Unger are partners. To expand the expertise of their business, they have agreed to admit Serena Singh to the partnership on January 1, 2013. The capital account balances on January 1, 2013, after revaluation of assets, are Fields, $80,000, and Unger, $60,000. Net income or net loss is shared equally. On page 7 of a general journal, record the admission of Singh to the partnership on January 1, 2013, assuming that Fields sells one-half of her interest to Singh for $39,000 in cash. Omit the description.
80. Roy Reynolds and Mike Truesdale are partners. To expand the expertise of their business, they have agreed to admit Jennie Fellows to the partnership on January 1, 2013. The capital account balances on January 1, 2013, after revaluation of assets, are Reynolds, $80,000, and Truesdale, $60,000. Net income or net loss is shared equally. On page 20 of a general journal, record the admission of Fellows to the partnership on January 1, 2013, assuming that Fellows invests $46,000 for 20 percent interest in the business. Omit the descriptions.
81. Karen Schuler and Mary Ryan are partners. To expand the expertise of their business, they have agreed to admit Samuel Wing to the partnership on January 1, 2013. The capital account balances on January 1, 2013, after revaluation of assets, are Schuler, $80,000, and Ryan, $60,000. Net income or net loss is shared equally. On page 10 of a general journal, record the admission of Wing to the partnership on January 1, 2013, assuming that Wing invests $58,000 for one-third interest in the business. Omit the descriptions.
