Homework Answers
Answer -
| No. | Transaction | General Journal | Debit ($) | Credit ($) |
| 1. | (a) |
Tulip, Capital Cash [Given in question] |
170000 - |
- 170000 |
| 2. | (b) |
Tulip, Capital Hunter, Capital [$20000 * 5/9] Folgers, Capital [$20000 * 4/9] Cash [Given in question] |
170000 11111 8889 - |
- - - 190000 |
| 3. | (c) |
Tulip, Capital Hunter, Capital [$30000 * 5/9] Folgers, Capital [$30000 * 4/9] Cash [Given in question] |
170000 - - - |
- 16667 13333 140000 |
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Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:4:1...
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2...
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, $310,000; Folgers, $217,000; and Tulip, $155,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $155,000, $175,000, $125,000 for her equity using partnership cash. (Do not round intermediate calculations. Round...
Exercise 12-12 Retirement of partner LO P4 Hunter, Folgers, and Tulip have been partners while sharing...
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...
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2...
Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $310,000; Folgers, $217,000; and Tulip, $155,000. Prepare journal entries to record the retirement of Tulip under the following independent assumptions. Assume Tulip is paid $155,000, $175,000, $125,000 for her equity using partnership cash.
Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in...
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, $33,000;
Benson, $139,000; and Lau, $178,000. Benson decides to withdraw
from the partnership.
1. Prepare the journal entry to record Benson's
withdrawal under each independent assumptions. (Do not
round intermediate calculations.)
(a) Benson sells her interest to North for $160,000 after
North is approved as a partner; (b)...
1. Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio...
1. Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $78,000; Benson, $119,000; and Lau, $203,000. Benson decides to withdraw from the partnership. 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner;...
QS 12-8 Partner withdrawal LO P4 Lopez, Cruz, and Perez are partners and share net income...
QS 12-8 Partner withdrawal LO P4 Lopez, Cruz, and Perez are partners and share net income and loss in a 7:3:1 ratio (in ratio form: Lopez, 7/11; Cruz, 3/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $4,800; Cruz, $3,600; and Perez, $3,000. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $3,000; (2) $4,300; and...
Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio...
Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez Cruz ili and Perez, 0). On December 31. Perez withdraws from the partnership when the equities of Partner wie ben the equities of Partner withdrawal the partners are Lopez, $3,000; Cruz, $1.800; and Perez, $1,200. Prepare journal entries to record Perez's P4 withdrawal under each separate situation: Perez is paid for her equity using partnership cash on (1) $1,200; (2)...
Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in...
Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $126,000; total liabilities, $78,000; Turner, Capital, $2,500; Roth, Capital, $14,000; and Lowe, Capital, $31,500. Cash received from selling the assets was sufficient to repay all but $28,000 to the creditors. Required: a. Calculate the loss from selling the assets....
Part1: Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio...
Part1: Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio (in percents: Meir, 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir $168,000, Benson $138,000, and Lau $294,000. Benson decides to withdraw from the partnership. Prepare journal entries to record Benson's February 1 withdrawal under each separate assumption: a. Benson sells her interest to North for $160,000 after North is approved as a partner. b. Benson gives her interest...
The Struter Partnership has total partners' equity of $400,000, which is made up of Main, Capital,...
The Struter Partnership has total partners' equity of $400,000, which is made up of Main, Capital, $280,000, and Frist, Capital, $120,000. The partners share net income and loss in a ratio of 81% to Main and 19% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare journal entries to record the admission of Adison for a 20% interest in the equity...
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...
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, $33,000;
Benson, $139,000; and Lau, $178,000. Benson decides to withdraw
from the partnership.
1. Prepare the journal entry to record Benson's
withdrawal under each independent assumptions. (Do not
round intermediate calculations.)
(a) Benson sells her interest to North for $160,000 after
North is approved as a partner; (b)...
QS 12-8 Partner withdrawal LO P4 Lopez, Cruz, and Perez are partners and share net income and loss in a 7:3:1 ratio (in ratio form: Lopez, 7/11; Cruz, 3/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $4,800; Cruz, $3,600; and Perez, $3,000. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $3,000; (2) $4,300; and...
Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez Cruz ili and Perez, 0). On December 31. Perez withdraws from the partnership when the equities of Partner wie ben the equities of Partner withdrawal the partners are Lopez, $3,000; Cruz, $1.800; and Perez, $1,200. Prepare journal entries to record Perez's P4 withdrawal under each separate situation: Perez is paid for her equity using partnership cash on (1) $1,200; (2)...
The Struter Partnership has total partners' equity of $400,000, which is made up of Main, Capital, $280,000, and Frist, Capital, $120,000. The partners share net income and loss in a ratio of 81% to Main and 19% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare journal entries to record the admission of Adison for a 20% interest in the equity...
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