Homework Answers
Assets contributed by partners are debited to asset account, the investments of each partner are recorded in separate entries and liabilities assumed by a partnership are credited to liability accounts
So answer is a) Assets contributed by partners are debited to capital accounts
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Which of the following is incorrect with regard to forming a partnership? O a. Assets contributed...
What would be the effect on the accounts if the business provided services to a customer...
What would be the effect on the accounts if the business provided services to a customer on account? O A. An asset would be debited and an expense credited. OB. An asset would be debited and Revenue credited. O C. Capital would be debited and Revenue credited. OD. An asset would be debited and Capital credited. Click to select your answer. Type here to search one A Net income or net loss for a period is calculated by the following...
In a partnership liquidation, O a. gains and losses on the sale of assets are allocated...
In a partnership liquidation, O a. gains and losses on the sale of assets are allocated to the partners on the basis of their current capital accounts. Ob. the partners' accounts are settled on the basis of their stated ratios. O c. creditors should be paid before partners. Od. the last journal entry credits the partners' capital accounts for the remaining cash.
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...
true or false 65. A ratio expressed in fraction, proportion, or percentage which guides the partners...
true or false
65. A ratio expressed in fraction, proportion, or percentage which guides the partners in allocating the final result of operation of the business is called profit and loss ratio. 66. Allowance for Doubtful Accounts is debited when the partners want to increase the fair value of various fixed asset accounts 67. In revaluation transactions, Accumulated Depreciation is debited to increase the carrying amount of a mixed asset. T 68. Giving salary allowance to all partners is a...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2018: Assets $ 314,000 Liabilities $ 102,000 Athos, capital 84,000 Porthos, capital 74,000 Aramis, capital 54,000 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...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts...
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2018: Assets $ 474,000 Liabilities $ 142,000 Athos, capital 124,000 Porthos, capital 114,000 Aramis, capital 94,000 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...
On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash and Kelley...
On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash and Kelley contributed land valued at $60,000 and a building valued at $100,000. The partnership also assumed responsibility for Kelley's $92,500 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $25,000, both are to receive an annual interest allowance of 10% of their beginning-year capital investment, and any remaining...
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...
Question 19 2 pts When a partnership is formed assets contributed by the partners should be...
Question 19 2 pts When a partnership is formed assets contributed by the partners should be recorded on the partnership books at their Fair mall value at the time of the contribution assessed values for Dropy ornal costs to the parts obtire them book values on the pr o ces prior to the being contributed to the partnership Question 20 2 pts Carls and Eliza share in connequally. For the current year, the partnership net $40.000. Carls made withdrawals of...
The accounts balances in the end of 2020 will be: Jim, Capital Choose... Jyoti, Capital Choose......
The accounts balances in the end of 2020 will be: Jim, Capital Choose... Jyoti, Capital Choose... - Joy, Capital Choose... On Jan 1, 2021, Jesan was added to the partnership as the fourth partner. Jesan paid 200,000 (100,000 Cash, 100,000 Land) to receive a 169,400 share of the partnership's book value. The difference is equally distributed among the original three partners. Determine which accounts will be debited or credited for the addition of the new partner. Cash Choose... Jim, Capital...
What would be the effect on the accounts if the business provided services to a customer on account? O A. An asset would be debited and an expense credited. OB. An asset would be debited and Revenue credited. O C. Capital would be debited and Revenue credited. OD. An asset would be debited and Capital credited. Click to select your answer. Type here to search one A Net income or net loss for a period is calculated by the following...
In a partnership liquidation, O a. gains and losses on the sale of assets are allocated to the partners on the basis of their current capital accounts. Ob. the partners' accounts are settled on the basis of their stated ratios. O c. creditors should be paid before partners. Od. the last journal entry credits the partners' capital accounts for the remaining cash.
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...
true or false
65. A ratio expressed in fraction, proportion, or percentage which guides the partners in allocating the final result of operation of the business is called profit and loss ratio. 66. Allowance for Doubtful Accounts is debited when the partners want to increase the fair value of various fixed asset accounts 67. In revaluation transactions, Accumulated Depreciation is debited to increase the carrying amount of a mixed asset. T 68. Giving salary allowance to all partners is a...
On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash and Kelley contributed land valued at $60,000 and a building valued at $100,000. The partnership also assumed responsibility for Kelley's $92,500 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $25,000, both are to receive an annual interest allowance of 10% of their beginning-year capital investment, and any remaining...
Question 19 2 pts When a partnership is formed assets contributed by the partners should be recorded on the partnership books at their Fair mall value at the time of the contribution assessed values for Dropy ornal costs to the parts obtire them book values on the pr o ces prior to the being contributed to the partnership Question 20 2 pts Carls and Eliza share in connequally. For the current year, the partnership net $40.000. Carls made withdrawals of...
The accounts balances in the end of 2020 will be: Jim, Capital Choose... Jyoti, Capital Choose... - Joy, Capital Choose... On Jan 1, 2021, Jesan was added to the partnership as the fourth partner. Jesan paid 200,000 (100,000 Cash, 100,000 Land) to receive a 169,400 share of the partnership's book value. The difference is equally distributed among the original three partners. Determine which accounts will be debited or credited for the addition of the new partner. Cash Choose... Jim, Capital...
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