Description
Read chapter (see attachment) answer the problems listed below.
Problem numbers from attachment: 3, 5, 6, 9, 10-15, 18
Explanation & Answer
Attached.
Running Head: Advanced Accounting Ch. 9
1
Advanced Accounting Ch. 9
Institutional Affiliation
Date
Advanced Accounting Ch. 9
2
Question 3
Answer: The articles of partnership are a legal covenant that may be expressed orally or in
writing, and forms the central governance for a partnership's operations.
Question 6
Implied value of the company =
240,000
25%
Implied value of the company = 960,000
Value of the company’s goodwill = 960,000 – 140,000 – 280,000 – 340,000 = 200,000
Krystal’s investment is not going to affect the partnership capital balances directly. Therefore,
out of the goodwill 30% will be attributed to Dane.
Dane (30%*200,000) = 60,000
Dane’s capital balance will be = 280,000 + 60,000 = 340,000
25% interest will be conveyed to the new partner. Dane’s capital balance will be decreased by
25%.
Dane’s capital balance = 340...
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