A partnership began its first year of operations with the following capital balances:         Young, Capital $ 143,000 Eaton, Capital $ 104,000 Thurman, Capital $ 143,000   The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year. What was the balance in Thurman’s Capital account at the end of the first year?                         A)    $120,900.                        B)    $118,300.            C)    $126,100.            D)    $80,600.            E)    $111,500.

Goodman, Pinkman, and White formed a partnership on January 1, 2020, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partner’s beginning capital balance for the year; (2) annual compensation of $15,000 to Pinkman; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Goodman; (b) 40% for Pinkman; and (c) 40% for White. Net income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021.What was Pinkman’s total share of net income for 2020?

Jell and Dell were partners with capital balances of $600 and $800, and an income-sharing ratio of 2:3. They admitted Zell with a 30% interest in the partnership, and the total amount of goodwill credited to the original partners was $700. What amount did Zell contribute to the business?

When Danny withdrew from John, Daniel, Harry, and Danny, LLP, he was paid $80,000, although his capital account balance was only $60,000. The four partners shared net income and losses equally, and no revaluation will take place. The journal entry to record the effect on John’s capital due to Danny’s withdrawal would include:

Termite reaction shown below are used to produce intense heat.  Based on the reaction enthalpy, how many kJ of heat is generated by this reaction when 103.0 grams of aluminum with excess amount of Fe2O3 in this reaction? 2 Al (s) + Fe2O3 (s) -> Al2O3 (s) + 2 Fe (s)          

On January 1, 2021, the Moody Company entered into a transaction for 100% of the outstanding common stock of Osorio Company. To acquire these shares, Moody issued $400 in long-term liabilities and also issued 40 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Moody paid $20 to lawyers, accountants, and brokers for assistance in bringing about this acquisition. Another $15 was paid in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows:     Moody   Osorio Cash $ 180     $ 40   Receivables   810       180   Inventories   1,080       280   Land   600       360   Buildings (net)   1,260       440   Equipment (net)   480       100   Accounts payable   (450 )     (80 ) Long-term liabilities   (1,290 )     (400 ) Common stock ($1 par)   (330 )         Common stock ($20 par)           (240 ) Additional paid-in capital   (1,080 )     (340 ) Retained earnings   (1,260 )     (340 )   Note: Parentheses indicate a credit balance.In Moody’s appraisal of Osorio, three assets were deemed to be undervalued on the subsidiary’s books: Inventory by $10, Land by $40, and Buildings by $60.What is the amount of goodwill arising from this acquisition?                         A)    $230.                   B)    $120.            C)    $520.            D)    None. There is a gain on bargain purchase of $230.            E)    None. There is a gain on bargain purchase of $265.

Mrs. Fletcher complains of pain in her fingers  of her hands. On examination, you note erythematous, edematous, and painful boutinnaire nodules. You document that she is having an exacerbation of her….

You must show your work here to receive full credit (at least provide an outline of key steps). A sample of an ideal gas has a volume of 4.50 L at 4.50oC and 4.50 atm.  What is its volume when temperature and pressure are changed to 0.00oC and 1.00 atm? Mark your answer next to words “Final answer is”. You must follow significant figure rules. 

All of the following statements regarding the investment account using the equity method are true except:

On January 3, 2021, Madison Corp. purchased 30% of the voting common stock of Huntsville Co., paying $3,000,000. Madison decided to use the equity method to account for this investment. At the time of the investment, Huntsville’s total stockholders’ equity was $8,000,000. Madison gathered the following information about Huntsville’s assets and liabilities:     Book Value Fair Value Buildings (10-year life) $ 400,000   $ 600,000   Equipment (5-year life)   1,200,000     1,400,000   Franchises (8-year life) $ 0   $ 480,000     For all other assets and liabilities, book value and fair value were equal. Any excess of cost over fair value was attributed to goodwill, which has not been impaired.What is the amount of goodwill associated with the investment?                         A)    $600,000.                        B)    $264,000.            C)    $0.            D)    $336,000.            E)    $480,000.