Homework Answers
Calculate average capital balance
| Average capital balance | |
| Jan 1 | 40000*4/12 = 13334 |
| May 1 | 50000*5/12 = 20834 |
| Oct 1 | 60000*3/12 = 15000 |
| Total | 49168 |
So answer is a) $49168
Add Answer to:
28. A partner has a capital balance of $40,000 on January 1. On May 1st, she...
Partner A bega the year with 20,000 in capital On June 1, 2008, the partner contributed...
Partner A bega the year with 20,000 in capital On June 1, 2008, the partner contributed another 20,00 On September 1, 2008, the partner withdrew 15,000 from the partnership With drawls in excess of $5,000 are charged to the partners capital account The partnership fiscal year-end is December 31 the annual weighted average capital balance is A 25,00 b 26,667 c 28,334 d 30,000
Partner A and Partner B have capital balances of $40,000 and $60,000, respectively, prior to the...
Partner A and Partner B have capital balances of $40,000 and $60,000, respectively, prior to the admission of Partner C. Partner C contributes $20,000 in exchange for a 20% interest in the partnership. The partnership agreement stipulates profits and losses are shared equally. What will be the balance in Partner A's capital account after the admission of Partner C?
(26) Assume that the capital of an existing partnership is $130,000 and that existing assets are...
(26) Assume that the capital of an existing partnership is $130,000 and that existing assets are overvalued by $10,000. If an incoming partner acquires a 25% interest in the partnership for $37,000, good will traceable to the incoming partner is -a. $2,250 b. $9,667 c. $3,000 d. $5,000 (27) If an existing partner withdraws from a partnership, a. his or her interest may be sold to the partnership or an individual partner. b. the consideration received for that partner's interest...
26. In admission of a new partner by investment, bonus is recorded when A total agreed...
26. In admission of a new partner by investment, bonus is recorded when A total agreed capital is less than total contributed capital B. total agreed capital is equal to total contributed capital and the capital credit of the new parner s greater than his capital contribution C. total agreed capital is equal to total contributed capital. D. total agreed capital is equal to total contributed capital and the capital credit of the old partners is equal to their capital...
On January 1st 2019 Hulk Company and Spiderman Company had the following balance sheets HULK CO....
On January 1st 2019 Hulk Company and Spiderman Company had the following balance sheets HULK CO. SPIDERMAN CO. Cash 500,000 40,000 accounts receivable 500,000 10,000 inventory 500,000 50,000 equipment 500,000 100,000 accumulated dep. Equipment 100,000 10,000 building 500,000 100,000 accumulated dep. Building 100,000 10,000 total assets 2,300,000 280,000 accounts payable 100,000 50,000 common stock $1 par 2,000,000 200,000 additional paid in capital 100,000 10,000 retained earnings 100000 20,000 On January 2nd Hulk Company acquired 75% of the outstanding stock of...
Use the information below to answer the following questions XYZ commenced operations on January 1st 2013...
Use the information below to answer the following questions XYZ commenced operations on January 1st 2013 The unadjusted Trial Balance for the first year of operations is given below XYZ limite d Unadjusted Trial Balance for the year ended 12/31/2013 Cash Supplies Accounts receivable Equipment Notes Payable Contributed Capital Revenue Wages Expenses Other Expenses Total 30,000 10,000 30,000 80,000 60,000 40,000 100,000 40,000 10,000 200,000 200,000 Notes: Supplies as at 12/31/2013 was determined to be $2,000 Equipment was purchased on...
Partnership - Formation & Organization In the 1st of January 2020, A, B and C conducted...
Partnership - Formation & Organization In the 1st of January 2020, A, B and C conducted an agreement to form a partnership titled ABC Trading & Shipping. Ltd. Total capital of the company is $ 300,000 divided equally. Each partner offers his share as follows: • Partner (A): paid all his contribution in cash. • Partner (B): offers his contribution in kind as follows: Land $ 50,000 Furniture 20,000 and inventory 40,000 Partner (C): gives up his proprietorship for the...
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...
rew only $4,000 per month, would of a new partner this affect the division of the...
rew only $4,000 per month, would of a new partner this affect the division of the partnership net income? Explain. 1o. Why might a partnership pay a bonus to a admitted partner? ractice Exercises Example Exercises EE 12-1 p S89 PE 12-1A Journalizing partner's original investment ORJ2 Show Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to a The patent had a book value of $8,000. However, the technology covered by the patent an peared to have significant...
17. A deficient partner A s assumed to be always insolvent B who is solvent and...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
(26) Assume that the capital of an existing partnership is $130,000 and that existing assets are overvalued by $10,000. If an incoming partner acquires a 25% interest in the partnership for $37,000, good will traceable to the incoming partner is -a. $2,250 b. $9,667 c. $3,000 d. $5,000 (27) If an existing partner withdraws from a partnership, a. his or her interest may be sold to the partnership or an individual partner. b. the consideration received for that partner's interest...
26. In admission of a new partner by investment, bonus is recorded when A total agreed capital is less than total contributed capital B. total agreed capital is equal to total contributed capital and the capital credit of the new parner s greater than his capital contribution C. total agreed capital is equal to total contributed capital. D. total agreed capital is equal to total contributed capital and the capital credit of the old partners is equal to their capital...
Use the information below to answer the following questions XYZ commenced operations on January 1st 2013 The unadjusted Trial Balance for the first year of operations is given below XYZ limite d Unadjusted Trial Balance for the year ended 12/31/2013 Cash Supplies Accounts receivable Equipment Notes Payable Contributed Capital Revenue Wages Expenses Other Expenses Total 30,000 10,000 30,000 80,000 60,000 40,000 100,000 40,000 10,000 200,000 200,000 Notes: Supplies as at 12/31/2013 was determined to be $2,000 Equipment was purchased on...
Partnership - Formation & Organization In the 1st of January 2020, A, B and C conducted an agreement to form a partnership titled ABC Trading & Shipping. Ltd. Total capital of the company is $ 300,000 divided equally. Each partner offers his share as follows: • Partner (A): paid all his contribution in cash. • Partner (B): offers his contribution in kind as follows: Land $ 50,000 Furniture 20,000 and inventory 40,000 Partner (C): gives up his proprietorship for the...
rew only $4,000 per month, would of a new partner this affect the division of the partnership net income? Explain. 1o. Why might a partnership pay a bonus to a admitted partner? ractice Exercises Example Exercises EE 12-1 p S89 PE 12-1A Journalizing partner's original investment ORJ2 Show Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to a The patent had a book value of $8,000. However, the technology covered by the patent an peared to have significant...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
Most questions answered within 3 hours.
-
The purpose of this
lab: Wireshark Intro Lab
is to get students
familiar with the use of...
asked 9 seconds ago -
Assuming that the wave speed varies little when sound waves are
traveling through a material that...
asked 13 minutes ago -
The rise of online shopping and Amazon, in particular, has
created major dilemmas for large food/CPG...
asked 12 minutes ago -
Is oxygen difluoride polar or nonpolar?
nonpolar
polar
ionic
none of the above
asked 24 minutes ago -
Starting from rest, a car accelerates at a constant rate of 2.6
m/s2 for a time...
asked 20 minutes ago -
A pharmaceutical company wants to answer the question whether
time for a drug in pill form...
asked 23 minutes ago -
) Assume that in the market for widgets, demand is highly
elastic compared to supply. If...
asked 34 minutes ago -
Why is a personal interview the most important step in the sales
selection process? What are...
asked 44 minutes ago -
In Python rOverlap (x1, y1, w1, h1, x2, y2, w2, h2) A rectangle
is axis-aligned if...
asked 44 minutes ago -
If we observe in a protein solution that DNA is causing a
mixture 260/280 ratio ~0.9,...
asked 54 minutes ago -
Explain the steps involved in making cDNA from mRNA, and how you
would create a cDNA...
asked 54 minutes ago -
A beta (β) particle is described by which of the following?
Select the correct answer below:...
asked 57 minutes ago