Homework Answers
| Profit/Loss | Calculations | Conway | Chan | Scott | Total | ||
| Sharing agreement | |||||||
| a. | Profit | 155200 | 155200 | 155200 | 465600 | ||
| b. | Profit | 162000 | 183600 | 120000 | 465600 | ||
| c. | Profit | 465600 | |||||
| Salary allowance | 124000 | 98000 | 73000 | 295000 | |||
| Interest allowance | 27000 | 30600 | 20000 | 77600 | |||
| Total salary & Interest | 372600 | ||||||
| Balance of Profits | 93000 | ||||||
| Balance allocated equally | 31000 | 31000 | 31000 | 93000 | |||
| Balance Profit | 0 | ||||||
| Shares of partners | 182000 | 159600 | 124000 | ||||
| Changes in Equity | |||||||
| Conway | Chan | Scott | Total | ||||
| Capital Jan 01 | 270000 | 306000 | 200000 | 776000 | |||
| Add: Share of profits | 182000 | 159600 | 124000 | 465600 | |||
| Totals | 452000 | 465600 | 324000 | 1241600 | |||
| Less: Withdrawals | 53000 | 43000 | 33000 | 129000 | |||
| capital Dec 31 | 399000 | 422600 | 291000 | 1112600 | |||
| Journal entries: | |||||||
| Accounts title and explanations | Debit $ | Credit $ | |||||
| Income Summary Dr. | 465600 | ||||||
| Conway capital account | 182000 | ||||||
| Chan Capital account | 159600 | ||||||
| Scott Capital account | 124000 | ||||||
| Conway capital account | 53000 | ||||||
| Conway drawings account | 53000 | ||||||
| Chan Capital account | 43000 | ||||||
| Chan drawings | 43000 | ||||||
| Scott capital account | 33000 | ||||||
| Scott drawings account | 33000 | ||||||
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Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $270,000,...
Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $254,000,...
Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $254,000, $290,000, and $184,000, respectively. They anticipate annual profit of $436,800 and are considering the following alternative plans of sharing profits and losses: a. Equally, b. In the ratio of their initial Investments; or c. Salary allowances of $115,000 to Conway, $90,000 to Chan, and $65,000 to Scott and Interest allowances of 12% on initial Investments, with any remaining balance shared equally. Required: 1. Use...
Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $252,000,...
Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $252,000, $288,000, and $182,000, respectively. They anticipate annual profit of $433,200 and are considering the following alternative plans of sharing profits and losses: a. Equally; b. In the ratio of their initial investments, or c. Salary allowances of $112,000 to Conway, $89,000 to Chan, and $64,000 to Scott and interest allowances of 10% on initial investments, with any remaining balance shared equally. Required: 1. Use...
Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $245.000,...
Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $245.000, $250.000, and $175.000, respectively. They anticipate annual profit of $360,000 and are considering the following alternative plans of sharing profits and losses: a. Equally: b. In the ratio of their initial investments; or C. Salary allowances of $110,000 to Conway, $85,000 to Chan, and $60.000 to Scott and interest allowances of 12% on initial investments, with any remaining balance shared equally. Page 790 Required...
Thank you ? to share ceive a profit or drew ca of $380, a20% in roblem...
Thank you ?
to share ceive a profit or drew ca of $380, a20% in roblem 11-3A Partnership profit allocation, statement of changes in equity, and closing entries L02,3 excel CHECK FIGURES: 1c. Conway: $146.400; Chan: $125,600: Soott: $88.000 Ben Conway, Ida Chan, and Clair Scott formed $245,000, $280,000, and $175,000, respectively. They anticipate annual profit of $360,000 and are consides CCS Consulting by making capital contributions of ing the following alternative plans of sharing profits and losses: Required 1....
Mo, Lu, and Barb formed the MLB Partnership by making investments of $69,300, $269,500, and $431,200,...
Mo, Lu, and Barb formed the MLB Partnership by making
investments of $69,300, $269,500, and $431,200, respectively. They
predict annual partnership net income of $460,500 and are
considering the following alternative plans of sharing income and
loss: (a) equally; (b) in the ratio of their
initial capital investments; or (c) salary allowances of
$80,800 to Mo, $60,600 to Lu, and $91,000 to Barb; interest
allowances of 10% on their initial capital investments; and the
remaining balance shared as follows: 20%...
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their...
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their partnership agreement called for Copote to receive a $12,000 annual salary allowance, and each partner to receive a share of profit equal to a 10% return on capital investments. The remaining income or loss is to be divided 40% to Copote and 60% to Parsons. If the profit for the year is $84,000, what are Copote's and Parson's respective shares? 6) Gillian and Emily...
On March 1, Eckert and Kelley formed a partnership. Eckert contributed $83,000 cash, and Kelley contributed...
On March 1, Eckert and Kelley formed a partnership. Eckert contributed $83,000 cash, and Kelley contributed land valued at $66,400 and a building valued at $96,400. The partnership also took Kelley’s $73,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $29,000, both get an annual interest allowance of 10% of their initial capital investment, and any remaining income or loss is shared equally. On...
They predict annual partnership net income of $508,500 and are considering the following alternative plans of sha...
They predict annual partnership net income of $508,500 and are considering the following alternative plans of sharing income and loss equally in the ratio of the initial capital investments or salary allowances of $84,400 to Mo, $63,300 to Lu, and $95,500 to Barb, interest allowances of 10% on their initial capital investments, and the remaining balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. 3. Prepare the December 31 journal entry to close Income Summary...
nMarch 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $78,000 cash and Kelley contributed...
nMarch 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $78,000 cash and Kelley contributed land valued at $82,400 and a building valued at $92,400. The partnership also assumed responsibility for Kelley's $68,000 long term note ad any remaining income or oss is to be shared equaly On October 20n 2017 Ecked with onc and Koley withw $21 000 dusling and c gcnti te the reyue arvd exon eot Docm ent 2017, the Income Summary account hed a credit...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (C) salary allowances of $87,600 to...
Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $254,000, $290,000, and $184,000, respectively. They anticipate annual profit of $436,800 and are considering the following alternative plans of sharing profits and losses: a. Equally, b. In the ratio of their initial Investments; or c. Salary allowances of $115,000 to Conway, $90,000 to Chan, and $65,000 to Scott and Interest allowances of 12% on initial Investments, with any remaining balance shared equally. Required: 1. Use...
Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $252,000, $288,000, and $182,000, respectively. They anticipate annual profit of $433,200 and are considering the following alternative plans of sharing profits and losses: a. Equally; b. In the ratio of their initial investments, or c. Salary allowances of $112,000 to Conway, $89,000 to Chan, and $64,000 to Scott and interest allowances of 10% on initial investments, with any remaining balance shared equally. Required: 1. Use...
Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $245.000, $250.000, and $175.000, respectively. They anticipate annual profit of $360,000 and are considering the following alternative plans of sharing profits and losses: a. Equally: b. In the ratio of their initial investments; or C. Salary allowances of $110,000 to Conway, $85,000 to Chan, and $60.000 to Scott and interest allowances of 12% on initial investments, with any remaining balance shared equally. Page 790 Required...
Thank you ?
to share ceive a profit or drew ca of $380, a20% in roblem 11-3A Partnership profit allocation, statement of changes in equity, and closing entries L02,3 excel CHECK FIGURES: 1c. Conway: $146.400; Chan: $125,600: Soott: $88.000 Ben Conway, Ida Chan, and Clair Scott formed $245,000, $280,000, and $175,000, respectively. They anticipate annual profit of $360,000 and are consides CCS Consulting by making capital contributions of ing the following alternative plans of sharing profits and losses: Required 1....
Mo, Lu, and Barb formed the MLB Partnership by making
investments of $69,300, $269,500, and $431,200, respectively. They
predict annual partnership net income of $460,500 and are
considering the following alternative plans of sharing income and
loss: (a) equally; (b) in the ratio of their
initial capital investments; or (c) salary allowances of
$80,800 to Mo, $60,600 to Lu, and $91,000 to Barb; interest
allowances of 10% on their initial capital investments; and the
remaining balance shared as follows: 20%...
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their partnership agreement called for Copote to receive a $12,000 annual salary allowance, and each partner to receive a share of profit equal to a 10% return on capital investments. The remaining income or loss is to be divided 40% to Copote and 60% to Parsons. If the profit for the year is $84,000, what are Copote's and Parson's respective shares? 6) Gillian and Emily...
They predict annual partnership net income of $508,500 and are considering the following alternative plans of sharing income and loss equally in the ratio of the initial capital investments or salary allowances of $84,400 to Mo, $63,300 to Lu, and $95,500 to Barb, interest allowances of 10% on their initial capital investments, and the remaining balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. 3. Prepare the December 31 journal entry to close Income Summary...
nMarch 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $78,000 cash and Kelley contributed land valued at $82,400 and a building valued at $92,400. The partnership also assumed responsibility for Kelley's $68,000 long term note ad any remaining income or oss is to be shared equaly On October 20n 2017 Ecked with onc and Koley withw $21 000 dusling and c gcnti te the reyue arvd exon eot Docm ent 2017, the Income Summary account hed a credit...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (C) salary allowances of $87,600 to...
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