For Ivanhoe Co., beginning capital balances on January 1, 2020, are Nancy Payne $23,800 and Ann Dody $22,200. During the year, drawings were Payne $8,200 and Dody $4,000. Net income was $33,800, and the partners share income equally.
Prepare the partners’ capital statement for the year. (List items that increase partners' capital first.)
IVANHOE CO. |
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N. Payne |
A. Dody |
Total |
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select an opening name DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues |
$enter a dollar amount |
$enter a dollar amount |
$enter a total for the row |
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select between addition and deduction AddLess: select an item DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues |
enter a dollar amount |
enter a dollar amount |
enter a total for the row |
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Prepare the owners’ equity section of the balance sheet at
December 31, 2020.
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enter a subtotal of the two previous amounts |
enter a subtotal of the two previous amounts |
enter a subtotal of the two previous amounts |
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select between addition and deduction AddLess: select an item DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues |
enter a dollar amount |
enter a dollar amount |
enter a total for the row |
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select a closing name DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues |
$enter a total amount |
$enter a total amount |
$enter a total amount |
IVANHOE CO. | |||
Partners’ Capital Statement | |||
For the Year Ended December 31,2020 | |||
N. Payne | A. Dody | Total | |
Capital, January 1 | 23800 | 22200 | 46000 |
Add: Net income/(loss) | 16900 | 16900 | 33800 |
40700 | 39100 | 79800 | |
Less: Drawings | 8200 | 4000 | 12200 |
Capital, December 31 | 32500 | 35100 | 67600 |
IVANHOE CO. | |||
Partial Balance Sheet | |||
December 31, 2020 | |||
Owner's Equity | |||
N. Payne, Capital | 32500 | ||
A. Dody, Capital | 35100 | ||
Total Owner's Equity | 67600 |
For Ivanhoe Co., beginning capital balances on January 1, 2020, are Nancy Payne $23,800 and Ann...
On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000 shares authorized, 655,000 shares issued and outstanding) $655,000 Paid-in Capital in Excess of Par Value 1,590,000 Retained Earnings 683,000 Accumulated Other Comprehensive Income 60,000 During 2022, the following transactions and events occurred. 1. Issued 55,000 shares of $1 par value common stock for $2 per share. 2. Issued 59,500 shares of common stock for cash at $6 per share. 3. Purchased 21,100 shares of...
On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000 shares authorized, 655,000 shares issued and outstanding) $655,000 Paid-in Capital in Excess of Par Value 1,590,000 Retained Earnings 683,000 Accumulated Other Comprehensive Income 60,000 During 2022, the following transactions and events occurred. 1. Issued 55,000 shares of $1 par value common stock for $2 per share. 2. Issued 59,500 shares of common stock for cash at $6 per share. 3. Purchased 21,100 shares of...
The stockholders’ equity accounts of Pronghorn Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,250 shares authorized) $255,000 Common Stock ($3 stated value, 350,000 shares authorized) 875,000 Paid-in Capital in Excess of Par Value—Preferred Stock 12,750 Paid-in Capital in Excess of Stated Value—Common Stock 560,000 Retained Earnings 686,000 Treasury Stock (4,250 common shares) 34,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 5,440 shares...
For Ivanhoe Co., beginning capital balances on January 1, 2020, are Nancy Payne $17,900 and Ann Dody $14,200. During the year, drawings were Payne $7,100 and Dody $6,000. Net income was $33,400, and the partners share income equally. Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) IVANHOE CO. Partners' Capital Statement N. Payne A. Dody Total LINK TO TEXT VIDEO: SIMILAR EXERCISE Prepare the owners' equity section of the balance sheet at December...
Cheyenne Corp. has issued 91,000 shares of $5 par value common stock. It was authorized 499,000 shares. The paid-in capital in excess of par value on the common stock is $264,000. The corporation has reacquired 6,700 shares at a cost of $55,000 and is currently holding those shares. It also had accumulated other comprehensive income of $67,000. The corporation also has 1,700 shares issued and outstanding of 8%, $104 par value preferred stock. It was authorized 10,900 shares. The paid-in...
For Wildhorse Co., beginning capital balances on January 1, 2020, are Nancy Payne $15,000 and Ann Dody $21,200. During the year, drawings were Payne $9,000 and Dody $4,400. Net income was $26,100, and the partners share income equally.Please complete chart. Also explain how you get the second answer for {add : Net Income/Loss} For Wildhorse Co., beginning capital balances on January 1, 2020, are Nancy Payne $15,000 and Ann Dody $21,200. During the year, drawings were Payne $9,000 and Dody...
For Blossom Co., beginning capital balances on January 1, 2020, are Nancy Payne $21,100 and Ann Dody $19,600. During the year, drawings were Payne $8,200 and Dody $5,900. Net income was $31,400, and the partners share income equally. Prepare the partners’ capital statement for the year. (List items that increase partners' capital first.) BLOSSOM CO. Partners’ Capital Statement December 31, 2020 or For the Month Ended December 31, 2020 or For the Year Ended December 31, 2020 N. Payne A....
Concord Corporation sold $2,950,000, 9%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 103. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and...
Whispering Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders’ equity. Preferred Stock, 148,200 shares $ 2,964,000 Common Stock, 1,991,000 shares 9,955,000 Paid-in Capital in Excess of Par—Preferred Stock 207,000 Paid-in Capital in Excess of Par—Common Stock 26,478,000 Retained Earnings 4,495,000 The following transactions affected stockholders’ equity during 2021. Jan. 1 29,200 shares of preferred stock issued at $23 per share. Feb....
Pharoah Company is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2017. Service revenue (from camping fees) $198,000 Dividends $13,500 Sales revenue (from general store) 37,500 Notes payable 75,000 Accounts payable 16,500 Expenses during 2017 189,000 Cash 12,750 Supplies 8,250 Equipment 171,000 Common stock 60,000 Retained earnings (1/1/2017) 7,500 Determine Pharoah Company’s net income for 2017. Pharoah Company’s net income for 2017 $enter Pharoah Company’s net income...