Homework Answers
1.
| General Journal | Debit | Credit |
| Revaluation reserve | $4,700 | |
| Merchandise inventory | $4,700 | |
| Building | $90,500 | |
| Revaluation reserve | $90,500 | |
| Revaluation reserve ($90,500-4,700) | $85,800 | |
| Tommy Riley's, Capital (85,800*4/10) | $34,320 | |
| Derrick Victor, Capital (85,800*6/10) | 51,480 |
2.
| Tommy Riley | Derrick Victor | |
| Capital balance as on December 31, 2019 | $241,000 | $341,000 |
| Revaluation reserve | 34,320 | 51,480 |
| Adjusted capital balance | $275,320 | $392,480 |
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Exercise 19.10 Recording revaluation of assets prior to dissolution of a partnership. LO 19-6 Tommy Riley...
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QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below.]...
QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $45,000 in partnership cash remained. QS 12-9 Part 1 1. Compute the capital account balance of each partner after...
After the tangible assets have been adjusted to current market prices, the capital accounts of Brad...
After the tangible assets have been adjusted to current market prices, the capital accounts of Brad Paulson and Drew Webster have balances of $48,250 and $55,900, respectively. Austin Neel is to be admitted to the partnership, contributing $32,770 cash to the partnership, for which he is to receive an ownership equity of $37,520. All partners share equally in income. Required: A. On December 31, journalize the entry to record the admission of Neel, who is to receive a bonus of...
Exercise 12-9 Ad mission of new partner LO P3 The Struter Partnership has total partners' equity of $600,000, wh...
Exercise 12-9 Ad mission of new partner LO P3 The Struter Partnership has total partners' equity of $600,000, which is made up of Main, Capital, $420,000, and Frist, Capital, $180,000. The partners share net income and loss in a ratio of 70% to Main and 30 % to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20 % share in any income and loss. Prepare journal entries to record...
this is the full amount Statement of LLC Liquidation Lester, Torres, and Hearst are members of...
this is the full amount
Statement of LLC Liquidation Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members' equity prior to liquidation and asset realization on August 1 are as follows: Lester Torres $34,400 79,600 49,500 Hearst Total $163,500 In winding up operations during the month of August, noncash assets with a book value of $215,000 are sold...
Instructions Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of...
Instructions Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $23,820, accounts receivable with a face amount of $154,070 and an allowance for doubtful accounts of $3,930, merchandise inventory with a cost of $88,010, and equipment with a cost of $123,640 and accumulated depreciation of 548,490. The partners agree that $5,890 of the accounts receivable are completely worthless and are not to...
Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their...
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Exercise 19.12 Recording withdrawal of a partner. LO 19-9 25 points William, Henderson, and Middleton are partners, sharing profits and losses in the ratio of 40 to 30 to 30 percent, respectively. Their partnership agreement provides that if one of them withdraws from the partnership, the assets and liabilities are to be revalued, the gain or loss allocated to the partners, and the retiring partner paid the balance of his account. Middleton withdraws from the partnership on December 31, 2019....
QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $45,000 in partnership cash remained. QS 12-9 Part 1 1. Compute the capital account balance of each partner after...
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this is the full amount
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