Engineering homework help

Engineering homework help. P12-4AAt April 30, partners’ capital balances in SKG Company are: S. Seger $52,000, J. Kensington $54,000, and T. Gomez $18,000.The income sharing ratios are 5:4:1, respectively. On May 1, the SKGA Company is formed by admitting D. Atchley to the firm as a partner.Correct.Journalize the admission of Atchley under each of the following independent assumptions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)Atchley purchases 50% of Gomez’s ownership interest by paying Gomez $16,000 in cash.Atchley purchases 33 1/3% of Kensington’s ownership interest by paying Kensington $15,000 in cash.Atchley invests $66,000 for a 30% ownership interest, and bonuses are given to the old partners.Atchley invests $46,000 for a 30% ownership interest, which includes a bonus to the new partner. Account/DescriptionDebitCredit1.T.Gomez, Capital9000 D. Atchley, Capital 90002.J. Kensington, Capital18000 D. Atchley, Capital 180003.Cash66000 D. Atchley, Capital 57000S. Seger, Capital 4500J. Kensington, Capital 3600T.Gomez, Capital 9004.Cash46000 S. Seger, Capital2500 J. Kensington, Capital2000 T.Gomez, Capital500 D. Atchley, Capital 51000Incorrect.Kensington’s capital balance is $32,000 after admitting Atchley to the partnership by investment. If Kensington’s ownership interest is 20% of total partnership capital, what were (1) Atchley’s cash investment and (2) the bonus to the new partner?Atchley’s cash investment$Bonus to new partner$

Engineering homework help