What are the ways that a new partner can be admitted to an existing partnership? Explain how to account for the admission of the new partner under each of these circumstances.
What will be an ideal response?
A new partner may purchase a partnership interest from one or more existing partners. In this case, a capital account is established for the new partner equal to the portion of the existing partners interest that was purchased from that partner or partners. This transaction is a personal transaction between one or more current partners and the new partner. A new partner may invest assets in the existing partnership. This is a transaction between the new partner and
the partnership. In this case, a capital account is established for the new partner equal to the portion of the partnership purchased. When the current value of a partnership is greater than the recorded amounts of equity, the partners usually require the new partner to pay a bonus for the privilege of joining. When the partnership needs additional cash or the new partner has
exceptional talents, the existing partners may grant a bonus to the new partner.
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Effective writing is a ____________ activity, not an oral/aural one
a. daunting b. secondary c. cerebral d. visual
Which of the following statements is true of paragraph lengths??
A) ?Paragraphs in business reports are usually shorter than the paragraphs in emails and memos. B) ?A long first paragraph is more inviting to read than a short first paragraph. C) ?A long last paragraph enables a writer to emphasize parting thoughts. D) ?As a general rule, paragraphs should be no longer than eight to ten lines.
Multiply; round off monetary products to the nearest cent. Do not round off the non-monetary products
a. $0.625 × 8,000 b. 4.7807 × 1.309 c. $27.35 × 16.75
Find the 95th percentile
What will be an ideal response?