Homework Answers
1.
| Feb. 1 | Cash | $116,667 | |
| Rhodes' Capital | $116,667 |
$33,000+$139,000+$178,000= $350,000
($350,000+$116,667)*25% = $116,667
No bonus paid
2.
| Feb. 1 | Cash | $85,167 | |
| Meir capital ($23,625*1/10) | $2,362 | ||
| Benson capital($23,625*4/10) | $9,450 | ||
| Lau capital($23,625*5/10) | $11,813 | ||
| Rhode capital | $108,792 |
($350,000+$85,167)*25% = $108,792
($108,792 - $85,167) = $23,625
$23,625 bonus paid to new partner.
3.
| Feb. 1 | Cash | $152,834 | |
| Meir capital($27,126*1/10) | $2,713 | ||
| Benson capital ($27,126*4/10) | $10,850 | ||
| Lau capital ($27,126*5/10) | 13,563 | ||
| Rhode capital | $125,708 |
($350,000+$152,834)*25% = $125,708
($152,834 - $125,708) =$27,126
$27,126 bonus to old partners in ratio 1:4:5.
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10 partners agree not to have the assets revalued upon Bensons retirement nterest the eputy. Pre10...
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9 Problem 12-4A The tolowing informeon apples to the quessons dsovayed below 416 making capital contiburions of s80100, 5311,500, and plans of το uu and Sg7000 to Barb, merest allowances onos on the r iitis capita investments; and the balance shared as folows: 20% to M), 40% to L a and 40s to Barb 1. Use the table to show how t considered. (Do not round o distroute net income or $523,500 for the calendar year under each of the...
Mike Derr and Mark Finger form a partnership by imbinjng assets of their separate businesses. The...
Mike Derr and Mark Finger form a partnership by imbinjng
assets of their separate businesses. The following balance sheet
information is provided by Derr from his sole proprietorship.
12 Homework Problem 12-1A Recording partnership formation LO P1 Miace Der and Mark Finger form a partnership by combining assets of ther separate businesses. The following balance sheet information is provided by Derr from his sole proprietorship s 1,96 Accounts payable 3,900 Notes payable $15,500 Lessi Accumulated depreciation-Equip 4.900 M Derr Capital...
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Exercise 12-12 Retirement of partner LO P4 Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers, 30%; and Tulip, 20%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $150,000; Folgers, $90,000; and Tulip, $60,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $60,000, $80,000, $30,000 for her equity using partnership...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does not retire from the partnership described...
1 A sample of 35 observations is selected from a normal population. The sample mean is...
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When you are done, click on "Next. Try to solve each problem if you possibly can....
When you are done, click on "Next. Try to solve each problem if you possibly can. If you have no idea how to begin solving a problem, click "I don't know. Question #1 On February 1, Brooks Company paid $11,700 for one year of advertising in advance Required 1. How much will be expensed by the end of the year? 2. How much will be in the Prepaid Advertising account at the end of the year, after the adjusting entries...
Chapter 3 Homework The following occurred during June Young's Professional Counseling Post the following transactions to...
Chapter 3 Homework The following occurred during June Young's Professional Counseling Post the following transactions to the appropriate T accounts Select the Debt account first, then the Credit ) Transaction 1. Purchased office supplies for S1600 in cash Transaction 2. Delivered monthly statements, collected fee income of $28.000 < Prev 405 Next > 09 e E Type here to search Transaction. Paid the current month's Transaction 4. Completed professional counseling bed det for $4.400 < Prev 403 9 е с...
Write the following in the simplest form a Vb, where a and b are integers, b>0,...
Write the following in the simplest form a Vb, where a and b are integers, b>0, and b has the least value possible. 750 Select the correct choice below and, if necessary, fill in the answer box to complete your answer. OA. 750 = (Type an exact answer, using radicals as needed.) O B. The solution is not a real number. Click to select and enter your answer(s) 12/10/19 Chapter 8 Review Type here to search
9 Problem 12-4A The tolowing informeon apples to the quessons dsovayed below 416 making capital contiburions of s80100, 5311,500, and plans of το uu and Sg7000 to Barb, merest allowances onos on the r iitis capita investments; and the balance shared as folows: 20% to M), 40% to L a and 40s to Barb 1. Use the table to show how t considered. (Do not round o distroute net income or $523,500 for the calendar year under each of the...
Mike Derr and Mark Finger form a partnership by imbinjng
assets of their separate businesses. The following balance sheet
information is provided by Derr from his sole proprietorship.
12 Homework Problem 12-1A Recording partnership formation LO P1 Miace Der and Mark Finger form a partnership by combining assets of ther separate businesses. The following balance sheet information is provided by Derr from his sole proprietorship s 1,96 Accounts payable 3,900 Notes payable $15,500 Lessi Accumulated depreciation-Equip 4.900 M Derr Capital...
7 3.84 7,600 Plant assets, net Total assets Liabilities and Equity Current Sabi ities Common stock, $5 par value Total 1abiiieles and equity Data fros the current year's incone statement Cost of goods sold $280,eese6, 200 inventory 216,00.eo くPrey O Type here to search aj current ratio. (ty acid-test ratio, (d accounts (including notes) receivable turnover ( b. Identify the company you consider to be better short-term credit risk Complete this question by entering your answers in the tabs below...
Problem 17-4A Calculation of financial statement retios LO P3 3.84 e sheet amoures Cost of goods sold 36,5 徇nvertory tmoet (SO days' sales in rvertory. the fotlowing (t cument ratio, (2) acid test raso, (3) days sales ratio mennerest camed. (8) proft margin ato, 9) total anset smoves, 8oj retm ontotl anets,ando nturm 6) debt equty IDo net round at e O Type here to search 国 O Type here to search O0 2 «q+ 6 8 Q W E...
Exercise 12-12 Retirement of partner LO P4 Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers, 30%; and Tulip, 20%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $150,000; Folgers, $90,000; and Tulip, $60,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $60,000, $80,000, $30,000 for her equity using partnership...
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 2. Assume that Benson does not retire from the partnership described...
1 A sample of 35 observations is selected from a normal population. The sample mean is 16, and the population sta Conduct the following test of hypothesis using the 005 significance level. ndard deviation is 4 H1: μ > 15 a. Is this a one- or two-tailed test? One-tailed test Two-tailed test b. What is the decision rule? Reject He when z> 1645 Reject He when z s1.645 Prey 1012 İİİ Next > Type here to search Quiz 103 6...
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