Homework Answers
Note:
When partners brought assets into the firm, fair Market value
should be recorded into the firm's books.
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Boming a Partnership-Cash and Noncash Contributions, Makina Journal Entries. Creating Owners' Equity Section of the Balance...
Answer all HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnersh...
Answer all
HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value. The assets contributed by each partner and the liabilities assumed by the partnership follow. Assets Cash Accounts receivable Allowance for uncollectible accounts Book value Allowance for uncollectible accounts Fair Value Supplies...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 20...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2018: Assets $ 458,000 Liabilities $ 138,000 Athos, capital 120,000 Porthos, capital 110,000 Aramis, capital 90,000 According to the articles of partnership, Athos is to receive an allocation of 50 percent of all partnership profits and losses while Porthos receives 30 percent and Aramis, 20 percent. The book value of each asset and liability should be considered an accurate representation...
1. From the Balance Sheet determine the increase or decrease in Cash during the year. 2...
1. From the Balance Sheet determine the increase or
decrease in Cash during the year.
2 Complete the Statement of Cash Flows breaking down
the Operating / Investing/Financing Activities.
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data for 2015: Lucas Corporation Balance Sheet December 31, 20X1 and 2014 Assets 2015 2014 Liabilities 2015 2014 Current: Current: Cash and equivalents....... $19,000 $3,000 Accounts payable S 35,000 $ 26,000 Accounts receivable..... 22,000 23,000 Accrued liabilities........
3. Journal Entries - external events Buka and Margot began operations of The Tail That Wags...
3. Journal Entries - external events Buka and Margot began operations of The Tail That Wags the Dog, a doggie day care, on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021 was as follows: Credit Cash Accounts Receivable Supplies Other current assets Equipment Accounts Payable Common Stock Retained Earnings Debit 5,000 4,000 2,000 9,000 6,000 7,000 7,000 12,000 Total 26,000 26,000 Record each of the following transactions that occurred during 2021:...
journal entry **if your write it on paper, please write neatly.*** Problem Section: Complete the accounting...
journal entry
**if your write it on paper, please write
neatly.***
Problem Section: Complete the accounting cycle for the period January 1 to February 28, 2018, We Do Taxes Company started operations as of January 1, 2018 and set up a small office in Edison to prepare tax returns and perform accounting services. Use the information to follow to journalize each transaction on the Journal Sheet. Jan 1 Contributed the following assets for common stock. Cash, $15,000; accounts receivable, $1,000,...
I need help with Part 6 (closing journal entries) and Part 7 (post closing trial balance)...
I need help with Part 6 (closing journal entries) and Part 7
(post closing trial balance)
3:02 PM Thu Feb 27 4796% AC 321 Intl - FA19 - Comprehensive Project Insert Draw Formulas Data Review View 8 Q o Calibri (Body) 12 B U Home B ^ A = 1 EE tx ã į 19 2 3 4 All work must be completed using this Excel spreadsheet. All journal extries, financial statements, etc. must be prepared in clean, proper form....
• Prepare the unajusted trial balance -Include heading -Total debits equals total credits IThe following information...
• Prepare the unajusted trial balance
-Include heading
-Total debits equals total credits
IThe following information applles to the questions displayed below. Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011. It had limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below Francine's Fast Deliverles, Inc. Balance Sheet ot January 1, 2012 Liabilities: Assets: $1,775 Accounts Payable Stockholders' Equity Contributed Capital Retained Earnings $ 1110 Cash Accounts Receivable Supplies 1,100 900...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
Answer all
HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value. The assets contributed by each partner and the liabilities assumed by the partnership follow. Assets Cash Accounts receivable Allowance for uncollectible accounts Book value Allowance for uncollectible accounts Fair Value Supplies...
1. From the Balance Sheet determine the increase or
decrease in Cash during the year.
2 Complete the Statement of Cash Flows breaking down
the Operating / Investing/Financing Activities.
Lucas Corporation reported the following income statement and comparative balance sheet, along with transaction data for 2015: Lucas Corporation Balance Sheet December 31, 20X1 and 2014 Assets 2015 2014 Liabilities 2015 2014 Current: Current: Cash and equivalents....... $19,000 $3,000 Accounts payable S 35,000 $ 26,000 Accounts receivable..... 22,000 23,000 Accrued liabilities........
3. Journal Entries - external events Buka and Margot began operations of The Tail That Wags the Dog, a doggie day care, on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021 was as follows: Credit Cash Accounts Receivable Supplies Other current assets Equipment Accounts Payable Common Stock Retained Earnings Debit 5,000 4,000 2,000 9,000 6,000 7,000 7,000 12,000 Total 26,000 26,000 Record each of the following transactions that occurred during 2021:...
journal entry
**if your write it on paper, please write
neatly.***
Problem Section: Complete the accounting cycle for the period January 1 to February 28, 2018, We Do Taxes Company started operations as of January 1, 2018 and set up a small office in Edison to prepare tax returns and perform accounting services. Use the information to follow to journalize each transaction on the Journal Sheet. Jan 1 Contributed the following assets for common stock. Cash, $15,000; accounts receivable, $1,000,...
I need help with Part 6 (closing journal entries) and Part 7
(post closing trial balance)
3:02 PM Thu Feb 27 4796% AC 321 Intl - FA19 - Comprehensive Project Insert Draw Formulas Data Review View 8 Q o Calibri (Body) 12 B U Home B ^ A = 1 EE tx ã į 19 2 3 4 All work must be completed using this Excel spreadsheet. All journal extries, financial statements, etc. must be prepared in clean, proper form....
• Prepare the unajusted trial balance
-Include heading
-Total debits equals total credits
IThe following information applles to the questions displayed below. Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011. It had limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below Francine's Fast Deliverles, Inc. Balance Sheet ot January 1, 2012 Liabilities: Assets: $1,775 Accounts Payable Stockholders' Equity Contributed Capital Retained Earnings $ 1110 Cash Accounts Receivable Supplies 1,100 900...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
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