Homework Answers
Answer is B. Debit to Joey , capital for $70000.
Journal entries:
Joey capital account Debit $70000
Cash account credit $50000
Promissory Note credit $20000
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Jimmy, Johnny, and Joey are partners in the 3J Company sharing profits and losses equally. Joey...
The partnership of Crandall, Crandall, and Dixon state that the partners will share profits and losses...
The partnership of Crandall, Crandall, and Dixon state that the partners will share profits and losses equally. Prior to liquidation, Dixon has a deficit of $8,000 that he cannot pay. The other partners will absorb the deficiency. The journal entry to record this transaction will include a (debit/credit) to Dixon, Capital in the amount of $.
Chia, Kiat and Poh were in partnership sharing profits and losses equally. On 31 December 1985,...
Chia, Kiat and Poh were in partnership sharing profits and losses equally. On 31 December 1985, the credit balances on the partners' capital accounts (current accounts were not kept) were Chia $160 000, Kiat $120 000 and Poh $60 000. On 1 January 1986 Kiat retired from the partnership. To ascertain the total amount due to him, goodwill was valued at $30 000 and the fixed assets were valued at $18 000 more than the amount at which they appeared...
please help Partnerships: Termination & Liquidation 20 points On January 1, 2018, the partners of Won, Cadel, and Dax (who shared profits and losses in the ratio of 5:3:2, respectively) decide...
please help
Partnerships: Termination & Liquidation 20 points On January 1, 2018, the partners of Won, Cadel, and Dax (who shared profits and losses in the ratio of 5:3:2, respectively) decided to liquidate their partnership. The trial balance at this date was as follows: Debit Credit Cash Accounts Receivable Inventory Machinery and equipment, net Accounts payable S 30,000 70,000 50,000 250,000 60, 000 120,000 130,000 90,000 S 400,000 400,000 Cadel, capital Dax, capital Totals The partners planned an installment program...
please help Partnerships: Termination & Liquidation 20 points On January 1, 2018, the partners of Won, Cadel, and Dax (who shared profits and losses in the ratio of 5:3:2, respectively) decide...
please help
Partnerships: Termination & Liquidation 20 points On January 1, 2018, the partners of Won, Cadel, and Dax (who shared profits and losses in the ratio of 5:3:2, respectively) decided to liquidate their partnership. The trial balance at this date was as follows: Debit Credit Cash Accounts Receivable Inventory Machinery and equipment, net Accounts payable S 30,000 70,000 50,000 250,000 60, 000 120,000 130,000 90,000 S 400,000 400,000 Cadel, capital Dax, capital Totals The partners planned an installment program...
Question 3) Trumming and Nancy are successful partners. They share profits and losses equally. Their current...
Question 3) Trumming and Nancy are successful partners. They share profits and losses equally. Their current capital account balances are $20 and $10 respectively. They decide to admit Tyler to the partnership. Tyler invests $25 for a 20 per cent share of the partnership. The journal entry to admit Tyler will include: debit Trumming, capital $11.00 debit Nancy, capital $9.75 credit Trumming, capital $9.75 credit Nancy, capital $7.00 Question 4) A machine with a cost of $90 000 has an...
PROBLEM 3 Sleepy, Grumpy and Happy are partners. Grumpy received ½ of profits and losses with Ha...
PROBLEM 3 Sleepy, Grumpy and Happy are partners. Grumpy received ½ of profits and losses with Happy and Sleepy each receiving 1/4. On 1/1/2014 they have the following capital balances Grumpy $100,000 Happy $50,000 Sleepy $50,000 On 1/2/2014 Grumpy sells ½ of his share of the partnership to Dopey for $80,000. Now all 4 partners will by ¼ owners. REQUIRED: Using the Goodwill method, show the capital accounts of the 4 partners on 1/2/2014. Using the bonus method, show the...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $42,000 and $28,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $53,000. a. What is the amount of a gain or loss on realization?
Jack and Lewis have been in partnership for some years sharing profits and losses equally. They...
Jack and Lewis have been in partnership for some years sharing profits and losses equally. They had no partnership agreement. Their statement of financial position at 30 September 2015 showed the following information. Non-current assets Net current assets 230 000 60 000 290 000 Capital accounts Jack Lewis 200 000 70 000 270 000 Current accounts Jack Lewis Opening balance Share of profit Drawings Closing balance 31 000 15 000 (21 000) 25 000 17 000 15 000 (37 000)...
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...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $10,000 and $12.000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $23,000 a. What is the amount of a gain or loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel C. How should...
Chia, Kiat and Poh were in partnership sharing profits and losses equally. On 31 December 1985, the credit balances on the partners' capital accounts (current accounts were not kept) were Chia $160 000, Kiat $120 000 and Poh $60 000. On 1 January 1986 Kiat retired from the partnership. To ascertain the total amount due to him, goodwill was valued at $30 000 and the fixed assets were valued at $18 000 more than the amount at which they appeared...
please help
Partnerships: Termination & Liquidation 20 points On January 1, 2018, the partners of Won, Cadel, and Dax (who shared profits and losses in the ratio of 5:3:2, respectively) decided to liquidate their partnership. The trial balance at this date was as follows: Debit Credit Cash Accounts Receivable Inventory Machinery and equipment, net Accounts payable S 30,000 70,000 50,000 250,000 60, 000 120,000 130,000 90,000 S 400,000 400,000 Cadel, capital Dax, capital Totals The partners planned an installment program...
please help
Partnerships: Termination & Liquidation 20 points On January 1, 2018, the partners of Won, Cadel, and Dax (who shared profits and losses in the ratio of 5:3:2, respectively) decided to liquidate their partnership. The trial balance at this date was as follows: Debit Credit Cash Accounts Receivable Inventory Machinery and equipment, net Accounts payable S 30,000 70,000 50,000 250,000 60, 000 120,000 130,000 90,000 S 400,000 400,000 Cadel, capital Dax, capital Totals The partners planned an installment program...
Jack and Lewis have been in partnership for some years sharing profits and losses equally. They had no partnership agreement. Their statement of financial position at 30 September 2015 showed the following information. Non-current assets Net current assets 230 000 60 000 290 000 Capital accounts Jack Lewis 200 000 70 000 270 000 Current accounts Jack Lewis Opening balance Share of profit Drawings Closing balance 31 000 15 000 (21 000) 25 000 17 000 15 000 (37 000)...
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...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $10,000 and $12.000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $23,000 a. What is the amount of a gain or loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel C. How should...
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