Homework Answers
| Answer | |||
| Date | Accounts Title | Dr | Cr |
| 1 | Choi's Capital (35600*.5) | $ 10,000 | |
| Amal's Capital | $ 10,000 | ||
| Stein's Capital | $ 20,000 | ||
| (To Record entry for admission of partner) | |||
| Working | |
| Total capital before admission | $ 60,000 |
| 30000*2 | |
| Stein admission for 33.33% | $ 20,000 |
| (30000*33.33%) | |
| Divided equally among existing partners | |
| Choi's Capital (20000*.5) | $ 10,000 |
| Amal's Capital (20000*.5) | $ 10,000 |
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Stein agrees to pay Choi and Amal S10,000 each for a one-third (33%) interest in the...
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Page 532 QS 12-7 Partner admission through purchase of interest P3 Stein agrees to pay Choi and Amal $10,000 each for a one-third (331/3%) interest in the Choi and Amal partnership. Immediately prior to Stein's admission, each partner had a $30,000 capital balance. Make the journal entry to record Stein's purchase of the partners' interest.
QS 12-7 Partner admission through purchase of interest LO P3 Stein agrees to pay Choi and Amal $16,400 each for a one-third (33 73%) interest in the Chol and Amal partnership. Immediately prior to Stein's admission, each partner had a $49,200 capital balance. Prepare the journal entry to record Stein's purchase of the partners' interest. View transaction list Journal entry worksheet Record Stein's purchase of one-third interest by paying Choi and Amal's $16,400 each. Note: Enter debits before credits Transaction...
All info is in the question, thank you.
Brown and Coss have been operating a tax accounting service as a partnership for five years. Their current cap- ital balances are $92,000 and $88,000, respectively, and they share profits in a 60:40 ratio. Because of the growth in their tax business, they decide that they need a new partner. Moore is admitted to the partnership, after which the partners agree to share profits 40% to Brown, 35% to Coss, and 25...
Allocation of Income for Partners. Determine each partner's share and make the appropriate general journal entry to close the Income Summary account to the capital accounts. Khalid, Dina, and James are partners with beginning-year capital balances of $400,000, $320,000, and $160,000, respectively. The partners agreed to share income and loss as follows: Salary of $30,000 to Khalid, $50,000 to Dina, and $55,000 to James. An interest allowance of 10% on beginning-of-the year capital balances. Any remaining balance is to be...
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Answer all
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were within ulem withdrawals on each the ratio of 4:3 for Marvel Media 20Y2 were , Amounts equal to the salary and interest allowances were will Determine the division of income among the three members. b. Prepare the pour e the journal entry to close the revenues, expenses, and with individual member equity accounts. c. Prepare a statement of members' equity for 20Y2, d what are the advantages of an income-sharing agreement for them the members of this ncome equally...
Faye, Gary, and Heidi each have a one-third interest in the capital and profits of the FGH Partnership. Each partner had a capital account of $50,000 at the beginning of the tax year. The partnership profits for the tax year were $270,000. Changes in their capital accounts during the tax year were as follows: Faye Gary Heidi Total Beginning balance $50,000 $50,000 $50,000 $150,000 Withdrawals (20,000) (35,000) (10,000) (65,000) Additional contributions 0 0 5,000 5,000 Allocation of profits 90,000 90,000...
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