The capital accounts of Angel Alvarez and Emma Allison have balances of $47,350 and $75,560, respectively,...
The capital accounts of Angel Alvarez and Emma Allison have balances of $47,350 and $75,560, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,240. During the year, Alvarez and Allison withdrew $30,900 and $37,310, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income.
| Required: | |
| A. | Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles. |
| B. | Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. |
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The capital accounts of Angel Alvarez and Emma Allison have
balances of $47,350 and $75,560, respectively,...
Partnership entries and statement of partners' equity Chart of Account Amount Descriptions ement of Partnership Equity...
Partnership entries and statement of partners' equity Chart of Account Amount Descriptions ement of Partnership Equity Instructions The capital cuts of Angel Alvarez and Emma Alison have balance of 547.740 and $71.870, respectively, on January 1, 2014, the beginning of the focal year. On March 10. Alvarez Invested an additional 7.000. During the year. Alwer and Alison withdrew $31.410 and $39,630, respectively, and net income for the year was 62.000 Revenues were 483.000, and perces were 21.000. The w es...
The capital accounts of Trent Henry and Tim Chou have balances of $152,400 and $83,300, respectively....
The capital accounts of Trent Henry and Tim Chou have balances of $152,400 and $83,300, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $32,500 and one-fourth of Chou’s interest for $21,400. Clarke contributes $73,000 cash to the partnership, for which she is to receive an ownership equity of $73,000. Required: A. On December 31, journalize the entries to record the admission of (1) Gilbert and (2) Clarke. Refer...
Sharp and Townson had capital balances of $60,000 and $120,000, respectively, on January 1 of the...
Sharp and Townson had capital balances of $60,000 and $120,000, respectively, on January 1 of the current year. On May 8, Sharp invested an additional $10,000 in the partnership. During the year, Sharp and Townson withdrew $25,000 and $45,000, respectively. The revenue account at the end of the year had a balance of $600,000, and the expense account had a balance of $510,000. Sharp and Townson have agreed to split net income on a 2:1 basis. a. Prepare the statement...
yuiuuLIUI13. Assignment: Problem 1: Eaton and Foley have capital balances of &50,000 and $30,000 respectively, at...
yuiuuLIUI13. Assignment: Problem 1: Eaton and Foley have capital balances of &50,000 and $30,000 respectively, at the beginning of the current fiscal year. The articles of partnership provide for an interest allowance at a rate of 8% on the capital balances at the beginning of the year, salary allowances of $18,000 and $12,000 respectively and the remaining net income divided equally. Net income for the current year is $30,000. a) Divide the net income between the partners. thon b) Prepare...
1. C and D had capital balances of $60,000 and $120,000 respectively on January 1 of...
1. C and D had capital balances of $60,000 and $120,000 respectively on January 1 of the current year. On May 8, C invested an additional $10,000 in the partnership. During the year, C and D withdrew $25,000 and $35,000 respectively. After closing all expense and revenue accounts at the end of the year, Income Summary has a credit balance of $90,000. The net income is divided in the ration of 2:3 after a salary of $40,000 to C. Journalize...
P12 Sharp and Townson had capital balances of $80,000 and $150,000, respectively on January 1, 2014...
P12 Sharp and Townson had capital balances of $80,000 and $150,000, respectively on January 1, 2014 of the current year. On May 8, Sharp invested an additional $20,000 in the partnership (already entered). During the year, Sharp and Townson withdrew $35,000 and $55,000, respectively (Already entered). At the end of the year, there was $500,000 balance in the 'Revenue' account and $380,000 in the 'Expenses' account. Sharp and Townson have agreed to split on a 2:1 basis, respectively. (xx.xx%) 1....
Instructions Chart Of Accounts Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance S Instructions...
Instructions Chart Of Accounts Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance S Instructions Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Foxy Investigative Services End-of-Period Spreadsheet For the Year Ended November 30, 2018 - Adjusted Trial Balance Dr. Account Title Cr. Cash 27,500 Accounts...
Instructions Chart Of Accounts Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance S Instructions...
Instructions Chart Of Accounts Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance S Instructions Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Foxy Investigative Services End-of-Period Spreadsheet For the Year Ended November 30, 2018 - Adjusted Trial Balance Dr. Account Title Cr. Cash 27,500 Accounts...
200 K38 - X fx AA BC P12 Sharp and Townson had capital balances of $80,000 and $150,000, respectively on January 1,...
200 K38 - X fx AA BC P12 Sharp and Townson had capital balances of $80,000 and $150,000, respectively on January 1, 2014 of the current year. On May 8, Sharp invested an additional $20,000 in the partnership (already entered). During the year, Sharp and Townson withdrew $35,000 and $55,000, respectively (Already entered). At the end of the year, there was $500,000 balance in the 'Revenue' account and $380,000 in the "Expenses' account. Sharp and Townson have agreed to split...
On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings...
On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows: Accounts Receivable $ 170,000 Accumulated Depreciation-Building 750,000 Administrative Expenses 435,000 Building 3,500,000 Cash 80,000 Common Stock 300,000 Cost of Goods Sold 5,500,000 Dividends 175,000 Interest Expense 15,000 Inventory 980,000 Notes Payable 250,000 Office Supplies 20,000 Retained Earnings 1,987,000 Salaries Payable 8,000 Sales 8,245,000 Selling Expenses 575,000 Store Supplies 90,000 A. Prepare a multiple-step income statement for the...
Partnership entries and statement of partners' equity Chart of Account Amount Descriptions ement of Partnership Equity Instructions The capital cuts of Angel Alvarez and Emma Alison have balance of 547.740 and $71.870, respectively, on January 1, 2014, the beginning of the focal year. On March 10. Alvarez Invested an additional 7.000. During the year. Alwer and Alison withdrew $31.410 and $39,630, respectively, and net income for the year was 62.000 Revenues were 483.000, and perces were 21.000. The w es...
yuiuuLIUI13. Assignment: Problem 1: Eaton and Foley have capital balances of &50,000 and $30,000 respectively, at the beginning of the current fiscal year. The articles of partnership provide for an interest allowance at a rate of 8% on the capital balances at the beginning of the year, salary allowances of $18,000 and $12,000 respectively and the remaining net income divided equally. Net income for the current year is $30,000. a) Divide the net income between the partners. thon b) Prepare...
P12 Sharp and Townson had capital balances of $80,000 and $150,000, respectively on January 1, 2014 of the current year. On May 8, Sharp invested an additional $20,000 in the partnership (already entered). During the year, Sharp and Townson withdrew $35,000 and $55,000, respectively (Already entered). At the end of the year, there was $500,000 balance in the 'Revenue' account and $380,000 in the 'Expenses' account. Sharp and Townson have agreed to split on a 2:1 basis, respectively. (xx.xx%) 1....
Instructions Chart Of Accounts Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance S Instructions Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Foxy Investigative Services End-of-Period Spreadsheet For the Year Ended November 30, 2018 - Adjusted Trial Balance Dr. Account Title Cr. Cash 27,500 Accounts...
Instructions Chart Of Accounts Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance S Instructions Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Foxy Investigative Services End-of-Period Spreadsheet For the Year Ended November 30, 2018 - Adjusted Trial Balance Dr. Account Title Cr. Cash 27,500 Accounts...
200 K38 - X fx AA BC P12 Sharp and Townson had capital balances of $80,000 and $150,000, respectively on January 1, 2014 of the current year. On May 8, Sharp invested an additional $20,000 in the partnership (already entered). During the year, Sharp and Townson withdrew $35,000 and $55,000, respectively (Already entered). At the end of the year, there was $500,000 balance in the 'Revenue' account and $380,000 in the "Expenses' account. Sharp and Townson have agreed to split...
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