a
|
|
Bill’s contribution ($20,000 + $60,000 +
$15,000 - $30,000)
|
$ 65,000
|
|
|
Ken’s contribution
|
50,000
|
|
|
Total tangible contributions
|
$115,000
|
Ken’s
contribution $50,000/.4 interest = $125,000
total capital
Total capital
based on Ken’s contribution $125,000 less amount contributed by Ken and Bill
$115,000 = $10,000 goodwill
2 c
Jay’s investment
of $65,000 is greater than his capital credit of 1/3 of $175,000; thus, there
is goodwill to the old partners.
New capital = $65,000 1/3 =
$195,000
New capital of $195,000
- (old capital $110,000 + $65,000 investment) = $20,000 goodwill.
Revaluation
is recorded:
|
|
Goodwill (other assets)
|
$20,000
|
|
|
|
Thomas
capital (50%)
|
|
$ 10,000
|
|
|
Mark
capital (50%)
|
|
10,000
|
Mark’s
capital = $60,000 + $10,000 goodwill = $70,000
Solution
E15-15 (continued)
3 c
Total capital
($170,000 + $200,000 + $200,000) = $570,000
Zen’s interest
$570,000 1/3 = $190,000
Therefore, Tina
and Warren receive a $10,000 bonus, shared equally.
4 c
$90,000
investment > 25% ($100,000 + $80,000 + $90,000), thus, there is goodwill to the old
partners.
|
|
New capital $90,000/25%
|
$360,000
|
|
|
Old capital + new investment $180,000 +
$90,000
|
(270,000)
|
|
|
Goodwill
|
$ 90,000
|
|
|
|
|
|
|
Finney capital $100,000 + (50%
$90,000 goodwill)
|
$145,000
|
|
|
Rhoads capital $80,000 + (50%
$90,000 goodwill)
|
125,000
|
|
|
Chesterfield capital
|
90,000
|
|
|
Total
capital
|
$360,000
|
5 b
|
|
Payment to Gini at retirement
|
$200,000
|
|
|
Capital account before recording share of
goodwill
|
170,000
|
|
|
Gini’s share of goodwill
|
$ 30,000
|
|
|
|
|
|
|
Total goodwill for partnership
($30,000/.3)
|
$100,000
|
|
|
|
|
|
|
Total assets before Gini’s retirement
($240,000 cash +
|
|
|
|
$360,000 other assets + $100,000 goodwill)
|
$700,000
|
|
|
Less: Payment to Gini on retirement
|
200,000
|
|
|
Total assets after Gini retires
|
$500,000
|
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