Homework Answers
| Answer | |||
|
Transaction |
Account Titles and Explanation | Debit | Credit |
| 1 | C. Hegambart, Capital | $ 31,500 | |
| N. Essex, Capital | $ 15,750 | ||
| C. Gilmore, Capital | $ 15,750 | ||
| 2 | C. Hegambart, Capital | $ 31,500 | |
| C. Gilmore, Capital | $ 31,500 | ||
| 3 | C. Hegambart, Capital | $ 31,500 | |
| N. Essex, Capital | $ 31,500 | ||
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Exercise 12-13 N. Essex, C. Gilmore, and C. Heganbart have capital balances of $51,300, $38,600, and...
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital...
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital Balance Income Ratio Partner Trayer Emig Posada $59,500 38,500 35,000 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not ind (1) Each of the continuing partners agrees to pay $17,200 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. (2)...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Trayer Emig Posada Capital Balance $60,000 40,000 30,000 Income Ratio 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent mane (1) Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of...
Exercise 12-14 B. Higgins, J. Mayo, and N. Rice have capital balances of $91,500, $77,000, and...
Exercise 12-14 B. Higgins, J. Mayo, and N. Rice have capital balances of $91,500, $77,000, and $57,000, respectively. They share income or loss on a 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1. Rice is paid $61,240 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $45,000 in cash from partnership assets, and bonuses are granted to the remaining partners. Journalize the withdrawal of Rice...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in Sheridan Company are as follows. Partner Capital Balance Income Ratio Trayer Emig Posada $59,500 35,500 30,500 50% 30% 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amour indent manually.) (1) Each of the continuing partners agrees to pay $18,600 in cash from personal funds to purchase Posada's ownership equity. Each receives 50%...
If Emig’s capital balance after Posada’s withdrawal is $48,250, what were (1) the total bonus to...
If Emig’s capital balance after Posada’s withdrawal is $48,250,
what were (1) the total bonus to the remaining partners and (2) the
cash paid by the partnership to Posada?
(1)
Total bonus
$
(2)
Cash paid to Posada
$
On December 31, the capital balances and income ratios in Carla
Vista Company are as follows.
Partner
Capital Balance
Income Ratio
Trayer
$64,500
50%
Emig
44,500
30%
Posada
29,500
20%
Your answer is correct.
Journalize the withdrawal of Posada under each...
The SWF Partnership agrees to dissolve on December 31. Calculate the capital balances of each partner...
The SWF Partnership agrees to dissolve on December 31. Calculate the capital balances of each partner and prepare the journal entries to dissolve the partnership and distribute the remaining cash to the partners assuming each of the following independent situations: 1. The remaining cash balance after selling all partnership assets and paying all liabilities is $60,000. The final capital account balances are: Summer, $30,000; Winter, $20,000; and Fall, $10,000. Date Account Debit Credit 2. The cash balance after selling all...
Problem 12-05A a-b On December 31, the capital balances and income ratios in Blossom Company are as follows. Partner Cap...
Problem 12-05A a-b On December 31, the capital balances and income ratios in Blossom Company are as follows. Partner Capital Balance Income Ratio Trayer $62,500 50% Emig 37,500 30% Posada 30,000 20% Partially correct answer. Your answer is partially correct. Try again. Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Each of the continuing partners agrees to pay $16,400 in cash from...
At April 30, partners' capital balances in Sheridan Company are G. Donley $51,000, C. Lamar $48,200,...
At April 30, partners' capital balances in Sheridan Company are G. Donley $51,000, C. Lamar $48,200, and J. Pinkston $17,200. The income sharing ratios are 5:4:1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) (1)...
Simonsen, Paulson, and Richardson are partners in a firm with the following capital account balances: Simonsen...
Simonsen, Paulson, and Richardson are partners in a firm with the following capital account balances: Simonsen $60,000 Paulson 170,000 Richardson 90,000 The profit-and-loss-sharing ratio among Simonsen, Paulson, and Richardson is 1:32, in the order given. Paulson is retiring from the partnership on December 31, 2018. Paulson's capital account is settled at book value. Which of the following journal entries would the firm record for Paulson's withdrawal? Paulson, Capital 170,000 Cash 170,000 Paulson, Capital 170,000 Cash 110,000 Simonsen, Capital 20.000 Richardson,...
K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital...
K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital balances of $28,200, $24,200, and $19,500, respectively, when Don Jernigan is admitted to the partnership. Prepare the journal entry to record the admission of Don Jernigan under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. Purchase of 50% of Kolmer’s equity for $19,500. b. Purchase of 50% of Eidman’s equity for $6,600....
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital Balance Income Ratio Partner Trayer Emig Posada $59,500 38,500 35,000 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not ind (1) Each of the continuing partners agrees to pay $17,200 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. (2)...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Trayer Emig Posada Capital Balance $60,000 40,000 30,000 Income Ratio 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent mane (1) Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of...
Exercise 12-14 B. Higgins, J. Mayo, and N. Rice have capital balances of $91,500, $77,000, and $57,000, respectively. They share income or loss on a 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1. Rice is paid $61,240 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $45,000 in cash from partnership assets, and bonuses are granted to the remaining partners. Journalize the withdrawal of Rice...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in Sheridan Company are as follows. Partner Capital Balance Income Ratio Trayer Emig Posada $59,500 35,500 30,500 50% 30% 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amour indent manually.) (1) Each of the continuing partners agrees to pay $18,600 in cash from personal funds to purchase Posada's ownership equity. Each receives 50%...
If Emig’s capital balance after Posada’s withdrawal is $48,250,
what were (1) the total bonus to the remaining partners and (2) the
cash paid by the partnership to Posada?
(1)
Total bonus
$
(2)
Cash paid to Posada
$
On December 31, the capital balances and income ratios in Carla
Vista Company are as follows.
Partner
Capital Balance
Income Ratio
Trayer
$64,500
50%
Emig
44,500
30%
Posada
29,500
20%
Your answer is correct.
Journalize the withdrawal of Posada under each...
The SWF Partnership agrees to dissolve on December 31. Calculate the capital balances of each partner and prepare the journal entries to dissolve the partnership and distribute the remaining cash to the partners assuming each of the following independent situations: 1. The remaining cash balance after selling all partnership assets and paying all liabilities is $60,000. The final capital account balances are: Summer, $30,000; Winter, $20,000; and Fall, $10,000. Date Account Debit Credit 2. The cash balance after selling all...
At April 30, partners' capital balances in Sheridan Company are G. Donley $51,000, C. Lamar $48,200, and J. Pinkston $17,200. The income sharing ratios are 5:4:1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) (1)...
Simonsen, Paulson, and Richardson are partners in a firm with the following capital account balances: Simonsen $60,000 Paulson 170,000 Richardson 90,000 The profit-and-loss-sharing ratio among Simonsen, Paulson, and Richardson is 1:32, in the order given. Paulson is retiring from the partnership on December 31, 2018. Paulson's capital account is settled at book value. Which of the following journal entries would the firm record for Paulson's withdrawal? Paulson, Capital 170,000 Cash 170,000 Paulson, Capital 170,000 Cash 110,000 Simonsen, Capital 20.000 Richardson,...
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