Pam and John are partners in PJ's partnership, having capital balances of $120,000 and$40,000, respectively, and share income in a ratio of 3 : 1. Gerry is to be admitted into the partnership with a 20 percent interest in the business.

Required

First record Gerry's admission into the partnership and then specify and briefly explain why the accounting method used in that situation is GAAP or non-GAAP.

• Gerry invests $35,000, and goodwill is to be recorded.

Pam and John are partners in PJ's partnership, having capital balances of $120,000 and$40,000, respectively, and share income in a ratio of 3 : 1. Gerry is to be admitted into the partnership with a 20 percent interest in the business.

Required

First record Gerry's admission into the partnership and then specify and briefly explain why the accounting method used in that situation is GAAP or non-GAAP.

• Gerry invests $35,000. Total capital is to be$195,000; the partners use the bonus method.

Pam and John are partners in PJ’s partnership, having capital balances of $120,000 and$40,000, respectively, and share income in a ratio of 3:1. Gerry is to be admitted into the partnership with a 20 percent interest in the business.

For each of the following independent situations, first record Gerry’s admission into the partnership and then specify and briefly explain why the accounting method used in that situation is GAAP or non-GAAP.

a. Gerry invests $50,000, and goodwill is to be recorded

Determine the number of significant figures in each measurement: 0.004 $m^3$

Most of the following sentences contain an error in usage. If a sentence contains an error, revise the sentence. If a sentence is already correct, write $C$.

EXAMPLE: Where were you at when I called? Where were you when I called?

Being as you have studied programming, could you help us install the new software?

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In the following sentence, underline any error in the use of the comparative or superlative form of a modifier, and write the correct form above the incorrect form.

Did you enjoy the movie or the dinner afterward most?

Accounting has its own vocabulary and basic relationships. Match the accounting terms at the left with the corresponding definition or meaning at the right.

$$\begin{matrix} \text{\_\_\_\_ 1. Debit } & \text{ A. Always an asset }\\ \text{ \_\_\_\_ 2. Expense} & \text{B. Side of an account where increases are recorded}\\ \text{\_\_\_\_ 3. Net income } & \text{C. Record of transactions }\\ \text{\_\_\_\_ 4. Ledger } & \text{D. The cost of operating a business; a decrease in stockholder’s equity}\\ \text{\_\_\_\_ 5. Posting} & \text{E. Grouping of accounts }\\ \text{\_\_\_\_ 6. Normal balance } & \text{F. Copying data from the journal to the ledger }\\ \text{\_\_\_\_ 7. Payable } & \text{G. Revenues – Expenses }\\ \text{ \_\_\_\_ 8. Journal } & \text{H. Always a liability}\\ \text{\_\_\_\_ 9. Receivable } & \text{I. Left side of an account}\\ \text{\_\_\_\_ 10. Owners’ equity } & \text{ J. Assets – Liabilities }\\ \end{matrix}$$

Evaluate, correct to 3 significant figures: $\sqrt[4]{100}$

Use the concept of an interval of time to describe how calculus views a particular instant of time.

Determine the number of significant figures in each measurement: 0.035 kg

Round each number to four significant figures. 0.00078100 mL