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II. John Doe and Susie Smith enter into a partnership agreement on May 1, 2019. Doe...
Prepare the balance sheet for Smith Foods at December 31, 2019. John Smith, manager of Smith...
Prepare the balance sheet for Smith Foods at December
31, 2019.
John Smith, manager of Smith Foods, needs assistance in preparing the company's balance sheet at December 31, 2019. Financial information available is as follows: Account Title Account Balance Mortgage payable Accounts payable Accounts receivable Cash Accrued expenses $310,000(1) 30,000 25,000 10,000 15,000 Income taxes payable Inventory--food Inventory--supplies Prepaid insurance Common stock 10,000 11,000 2,000 4,000(2) 275,000 Investments Land Prepaid maintenance Buildings Furniture 50,000 100,000 1,000 800,000 100,000 Equipment Allowance...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $90,000, but only had a market value of $50,000, due to obsolescence. The partnership also assumed a $15,300 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $15,000 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require...
Exercise 15-1 John, Jeff, and Jane decided to engage in a real estate venture as a...
Exercise 15-1
John, Jeff, and Jane decided to engage in a real estate venture
as a partnership. John invested $106,700 cash and Jeff provided
office equipment that is carried on his books at $84,000. The
partners agree that the equipment has a fair value of $104,900.
There is a $29,800 note payable remaining on the equipment to be
assumed by the partnership. Although Jane has no physical assets to
invest in the partnership, both John and Jeff believe that her...
ting for Partnerships & LLC's Test 31. Trevor Smith contributed equipment, inventory, and S54,000 cash to...
ting for Partnerships & LLC's Test 31. Trevor Smith contributed equipment, inventory, and S54,000 cash to a partnership. The equipment had a value of $30,000 and a market value of $36,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $17,000 note payable owed o Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership.
Formation and allocation of profits - method 1 Francine Steele and Shaun Dunn formed a partnership...
Formation and allocation of profits - method 1 Francine Steele and Shaun Dunn formed a partnership on 1 July 2019. Some of Steele's business assets and liabilities were assumed by the partnership, and these are listed below at both carrying amounts and fair value. Carrying amount Fair value Cash at bank $62,000 $62,000 Accounts receivable $34,000 $34,000 Inventory $98,600 $96,000 Equipment $320,000 $360,000 Accounts payable $24,000 $24,000 Loan $80,000 $80,000 Dunn contributed a commercial property to the partnership that had...
Exercise 15-1 John, Jeff, and Jane decided to engage in a real estate venture as a...
Exercise 15-1
John, Jeff, and Jane decided to engage in a real estate venture
as a partnership. John invested $106,700 cash and Jeff provided
office equipment that is carried on his books at $84,000. The
partners agree that the equipment has a fair value of $104,900.
There is a $29,800 note payable remaining on the equipment to be
assumed by the partnership. Although Jane has no physical assets to
invest in the partnership, both John and Jeff believe that her...
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...
ACCOUNTING II ASSIGNMENT 3 – CHAPTER 11 PARTNERSHIPS NAME: &n
ACCOUNTING II ASSIGNMENT 3 – CHAPTER 11 PARTNERSHIPS NAME: Question 1 (8 Marks) William and Christie form a partnership by investing $60,000 and $40,000 respectively. Their partnership agreement stipulates that William will receive an annual salary allowance of $6,000, and both partners will receive an interest allowance of 10% on their capital investment. Any profit remaining is to be allocated 60% to William, and 40% to Christie. Profit for their first year of operations is $40,000. Calculate the...
Lou Ross, Red Galley and Barbara Roberts formed the RGR Partnership on January 1, 2015. The...
Lou Ross, Red Galley and Barbara Roberts formed the RGR Partnership on January 1, 2015. The partners invested assets and liabilities into the partnership as follows: Fair Market Value Lou Ross: Cash $ 95,000 Accounts Receivable 21,000 Red Galley: Cash 120,000 Vehicle 19,000 Loan payable (on the vehicle) 10,000 Barbara Roberts: Cash 50,000 Office equipment 90,000 The partnership earned a profit of $ 180,000 during this first year of operation. Partners’ withdrawals...
Prepare the balance sheet for Smith Foods at December
31, 2019.
John Smith, manager of Smith Foods, needs assistance in preparing the company's balance sheet at December 31, 2019. Financial information available is as follows: Account Title Account Balance Mortgage payable Accounts payable Accounts receivable Cash Accrued expenses $310,000(1) 30,000 25,000 10,000 15,000 Income taxes payable Inventory--food Inventory--supplies Prepaid insurance Common stock 10,000 11,000 2,000 4,000(2) 275,000 Investments Land Prepaid maintenance Buildings Furniture 50,000 100,000 1,000 800,000 100,000 Equipment Allowance...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $90,000, but only had a market value of $50,000, due to obsolescence. The partnership also assumed a $15,300 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $15,000 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require...
Exercise 15-1
John, Jeff, and Jane decided to engage in a real estate venture
as a partnership. John invested $106,700 cash and Jeff provided
office equipment that is carried on his books at $84,000. The
partners agree that the equipment has a fair value of $104,900.
There is a $29,800 note payable remaining on the equipment to be
assumed by the partnership. Although Jane has no physical assets to
invest in the partnership, both John and Jeff believe that her...
ting for Partnerships & LLC's Test 31. Trevor Smith contributed equipment, inventory, and S54,000 cash to a partnership. The equipment had a value of $30,000 and a market value of $36,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $17,000 note payable owed o Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership.
Formation and allocation of profits - method 1 Francine Steele and Shaun Dunn formed a partnership on 1 July 2019. Some of Steele's business assets and liabilities were assumed by the partnership, and these are listed below at both carrying amounts and fair value. Carrying amount Fair value Cash at bank $62,000 $62,000 Accounts receivable $34,000 $34,000 Inventory $98,600 $96,000 Equipment $320,000 $360,000 Accounts payable $24,000 $24,000 Loan $80,000 $80,000 Dunn contributed a commercial property to the partnership that had...
Exercise 15-1
John, Jeff, and Jane decided to engage in a real estate venture
as a partnership. John invested $106,700 cash and Jeff provided
office equipment that is carried on his books at $84,000. The
partners agree that the equipment has a fair value of $104,900.
There is a $29,800 note payable remaining on the equipment to be
assumed by the partnership. Although Jane has no physical assets to
invest in the partnership, both John and Jeff believe that her...
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...
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