Homework Answers
Add Answer to:
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Trayer Emig Posada Capital Balance $60,000 40,000 30,000 Income Ratio 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent mane (1) Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in Sheridan Company are as follows. Partner Capital Balance Income Ratio Trayer Emig Posada $59,500 35,500 30,500 50% 30% 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amour indent manually.) (1) Each of the continuing partners agrees to pay $18,600 in cash from personal funds to purchase Posada's ownership equity. Each receives 50%...
If Emig’s capital balance after Posada’s withdrawal is $48,250, what were (1) the total bonus to...
If Emig’s capital balance after Posada’s withdrawal is $48,250,
what were (1) the total bonus to the remaining partners and (2) the
cash paid by the partnership to Posada?
(1)
Total bonus
$
(2)
Cash paid to Posada
$
On December 31, the capital balances and income ratios in Carla
Vista Company are as follows.
Partner
Capital Balance
Income Ratio
Trayer
$64,500
50%
Emig
44,500
30%
Posada
29,500
20%
Your answer is correct.
Journalize the withdrawal of Posada under each...
Problem 12-05A a-b On December 31, the capital balances and income ratios in Blossom Company are as follows. Partner Cap...
Problem 12-05A a-b On December 31, the capital balances and income ratios in Blossom Company are as follows. Partner Capital Balance Income Ratio Trayer $62,500 50% Emig 37,500 30% Posada 30,000 20% Partially correct answer. Your answer is partially correct. Try again. Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Each of the continuing partners agrees to pay $16,400 in cash from...
Exercise 12-14 B. Higgins, J. Mayo, and N. Rice have capital balances of $91,500, $77,000, and...
Exercise 12-14 B. Higgins, J. Mayo, and N. Rice have capital balances of $91,500, $77,000, and $57,000, respectively. They share income or loss on a 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1. Rice is paid $61,240 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $45,000 in cash from partnership assets, and bonuses are granted to the remaining partners. Journalize the withdrawal of Rice...
At April 30, partners' capital balances in Sheridan Company are G. Donley $51,000, C. Lamar $48,200,...
At April 30, partners' capital balances in Sheridan Company are G. Donley $51,000, C. Lamar $48,200, and J. Pinkston $17,200. The income sharing ratios are 5:4:1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) (1)...
Gale, McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows:...
Gale, McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows: Gale, $93,000; McLean, $87,000; and Lux, $156,000. The partners share profit and losses in a 3:2:5 ratio. McLean decides to withdraw from the partnership. Prepare General Journal entries to record the May 1, 2020, withdrawal of McLean from the partnership under each of the following unrelated assumptions: a. McLean sells his interest to Freedman for $177,000 after Gale and Lux approve the entry of...
At April 30, partners' capital balances in Oriole Company are G. Donley $45,200, C. Lamar $49,200,...
At April 30, partners' capital balances in Oriole Company are G. Donley $45,200, C. Lamar $49,200, and J. Pinkston $20,000. The income sharing ratios are 5 : 4:1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered Do not indent manually. Round answers to 0 decimal places, e.g....
Part B (2020) a. On December 31, 2020 new partner D invests other assets into the...
Part B (2020) a. On December 31, 2020 new partner D invests other assets into the partnership for a one-quarter ownership interest. An equal amount of capital is contributed by A, B, and C to make up the difference. At December 31, 2020, the partners' capital balances are as follows: A $200,000 B 180,000 C 190,000 $570,000 Fair value of other assets from D $50,000 b. Immediately after this, partner C withdraws from the partnership. She is paid in cash...
The SWF Partnership agrees to dissolve on December 31. Calculate the capital balances of each partner...
The SWF Partnership agrees to dissolve on December 31. Calculate the capital balances of each partner and prepare the journal entries to dissolve the partnership and distribute the remaining cash to the partners assuming each of the following independent situations: 1. The remaining cash balance after selling all partnership assets and paying all liabilities is $60,000. The final capital account balances are: Summer, $30,000; Winter, $20,000; and Fall, $10,000. Date Account Debit Credit 2. The cash balance after selling all...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Trayer Emig Posada Capital Balance $60,000 40,000 30,000 Income Ratio 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent mane (1) Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in Sheridan Company are as follows. Partner Capital Balance Income Ratio Trayer Emig Posada $59,500 35,500 30,500 50% 30% 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amour indent manually.) (1) Each of the continuing partners agrees to pay $18,600 in cash from personal funds to purchase Posada's ownership equity. Each receives 50%...
If Emig’s capital balance after Posada’s withdrawal is $48,250,
what were (1) the total bonus to the remaining partners and (2) the
cash paid by the partnership to Posada?
(1)
Total bonus
$
(2)
Cash paid to Posada
$
On December 31, the capital balances and income ratios in Carla
Vista Company are as follows.
Partner
Capital Balance
Income Ratio
Trayer
$64,500
50%
Emig
44,500
30%
Posada
29,500
20%
Your answer is correct.
Journalize the withdrawal of Posada under each...
Exercise 12-14 B. Higgins, J. Mayo, and N. Rice have capital balances of $91,500, $77,000, and $57,000, respectively. They share income or loss on a 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1. Rice is paid $61,240 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $45,000 in cash from partnership assets, and bonuses are granted to the remaining partners. Journalize the withdrawal of Rice...
At April 30, partners' capital balances in Sheridan Company are G. Donley $51,000, C. Lamar $48,200, and J. Pinkston $17,200. The income sharing ratios are 5:4:1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) (1)...
At April 30, partners' capital balances in Oriole Company are G. Donley $45,200, C. Lamar $49,200, and J. Pinkston $20,000. The income sharing ratios are 5 : 4:1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered Do not indent manually. Round answers to 0 decimal places, e.g....
The SWF Partnership agrees to dissolve on December 31. Calculate the capital balances of each partner and prepare the journal entries to dissolve the partnership and distribute the remaining cash to the partners assuming each of the following independent situations: 1. The remaining cash balance after selling all partnership assets and paying all liabilities is $60,000. The final capital account balances are: Summer, $30,000; Winter, $20,000; and Fall, $10,000. Date Account Debit Credit 2. The cash balance after selling all...
Most questions answered within 3 hours.
-
4. Without doing any calculations, predict whether the observed
∆T would increase, decrease or remain the...
asked 1 hour ago -
Based on the range, which of the following sets of scores has
the greatest variability? 3,...
asked 2 hours ago -
Ripples in a pond travel at a velocity of 3 m/s with one peak
passing a...
asked 2 hours ago -
A man stands on the roof of a building of height 13.0 mm and
throws a...
asked 2 hours ago -
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 3 hours ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 3 hours ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 3 hours ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 3 hours ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 3 hours ago -
Why are polymers not typically casted into products?
asked 3 hours ago -
When rolling a die 129 times, what is the probability of rolling
a 6 no more...
asked 4 hours ago -
4. A call option currently sells for $7.75. It has a strike
price of $85 and...
asked 4 hours ago