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At April 30, partners' capital balances in Oriole Company are G. Donley $45,200, C. Lamar $49,200, and J. Pinkston $20,000. 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....
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PRINTER VERSION 4 BACK Exercise 12-10 (Part Level Submission) Prior to the distribution of cash to the partners, the accounts in the VUP Company are: Cash $31,600; Vogel, Capital (CE) $18.400; Utech, Capital (C:) $16,400; and Pena, Capital (Dr.) $3,200. The income ratios are 5:3:2, respectively. VUP Company decides to liquidate the company, (a) Prepare the entry to record (1) Pena's payment of $3,200 in cash to the partnership and (2) the distribution of cash to the partners with credit...
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Multiple choice question
CALCULATOR PRINTER VERSION BACK NEXT Multiple Choice Question 103 SheridanCompany is authorized to issue 10000 shares of 1000096, $100 par value preferred stock and 458000 shares of no-par common stock with a stated value of $1 per share. If Sheridan issues 5000 shares of preferred stock for land with an asking price of $569000 and a market value of $542000, which of the following would be the journal entry for Sheridan to record? O Land O Land...
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A partnership has the following capital balances: Arlo (50% of gains and losses) Band (30%) Carlyle (20%) $ 96,000 120,000 180,000 David is going to invest $105,000 Into the business to acquire a 30 percent ownership Interest. Goodwill is to be recorded. What will be David's beginning capital balance? $150,300 $169,714 $105,000 $118,800 A local partnership is considering possible liquidation because one of the partners (Bell) is insolvent. Capital balances at the current time are as follows. Profits and losses...
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FULL BCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 116 In liquidation, balances prior to the distribution of cash to the partners are: Cash $769000; Peterson, Capital $419000, Laney, Capital $396000, and Howell, Capital $46000 deficiency. The income ratio is 6:212, respectively. How much cash should be distributed to Laney if Howell does not pay his deficiency? $362250 O $396000 O $373000 O $384500 Click if you would like to Show Work for this question: Open Show Work
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Multiple Choice Question 85
On January 1, Vaughn Corporation had 93000 shares of $10 par value
common stock outstanding. On June 17, the company declared a 15%
stock dividend to stockholders of record on June 20. Market value
of the stock was $16 on June 17. The stock was distributed on June
30. The entry to record the transaction of June 30 would include
a
debit to Stock Dividends for $83700.
debit to Common Stock Dividends Distributable for $223200.
credit...
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Multiple Choice Question 114
Alex, Bob, and Ciera are partners, sharing income 2:1:2. After
selling all of the assets for cash, dividing gains and losses on
realization, and paying liabilities, the balances in the capital
accounts are as follows: Alex, $10100 Cr; Bob, $10100 Cr; and
Ciera, $30000 Cr. How much cash should be distributed to
Alex?
$16867
$20200
$6100
$10100
Click if you would like to
Show Work for this question:
Open Show Work
Question Attempts: 0 of 1...
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McGill and Smyth have capital balances on January 1 of $60,000
and $48,000, respectively. The partnership income-sharing agreement
provides for (1) annual salaries of $16,000 for
McGill and $20,000 for Smyth, (2) interest at 10% on beginning
capital balances, and (3) remaining income or loss to be shared 60%
by McGill and 40% by Smyth.
Exercise 12-04 a-b (Part Level Submission) (Video) McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership income-sharing agreement...
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Help I System Announcements CALCULATOR PRINTER VERSION BACK NEXT Multiple Choice Question 103 SheridanCom pany is authorized to issue 1000 stock with a stated value of $1 per share. If Sheridan issues 5000 shares of preferred stock for land with an asking price of $569000 and a market value of $542000, which of the following would be the journal entry for Sheridan to record? 0 shares of 10000%, $100 par value preferred stock and 458000 shares of no-par common !...
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Multiple Choice Question 118 The standard number of hours that should have been worked for the output attained is 11400 direct labor hours and the actual number of direct labor hours worked was 12100. If the direct labor price variance was $12100 unfavorable, and the standard rate of pay was $16 per direct labor hour, what was the actual rate of Day for direct labor 317 per direct labor hour $16 per direct labor hour $15 per direct labor hour...
At April 30, partners' capital balances in Oriole Company are G. Donley $45,200, C. Lamar $49,200, and J. Pinkston $20,000. 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....
PRINTER VERSION 4 BACK Exercise 12-10 (Part Level Submission) Prior to the distribution of cash to the partners, the accounts in the VUP Company are: Cash $31,600; Vogel, Capital (CE) $18.400; Utech, Capital (C:) $16,400; and Pena, Capital (Dr.) $3,200. The income ratios are 5:3:2, respectively. VUP Company decides to liquidate the company, (a) Prepare the entry to record (1) Pena's payment of $3,200 in cash to the partnership and (2) the distribution of cash to the partners with credit...
Multiple choice question
CALCULATOR PRINTER VERSION BACK NEXT Multiple Choice Question 103 SheridanCompany is authorized to issue 10000 shares of 1000096, $100 par value preferred stock and 458000 shares of no-par common stock with a stated value of $1 per share. If Sheridan issues 5000 shares of preferred stock for land with an asking price of $569000 and a market value of $542000, which of the following would be the journal entry for Sheridan to record? O Land O Land...
A partnership has the following capital balances: Arlo (50% of gains and losses) Band (30%) Carlyle (20%) $ 96,000 120,000 180,000 David is going to invest $105,000 Into the business to acquire a 30 percent ownership Interest. Goodwill is to be recorded. What will be David's beginning capital balance? $150,300 $169,714 $105,000 $118,800 A local partnership is considering possible liquidation because one of the partners (Bell) is insolvent. Capital balances at the current time are as follows. Profits and losses...
FULL BCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 116 In liquidation, balances prior to the distribution of cash to the partners are: Cash $769000; Peterson, Capital $419000, Laney, Capital $396000, and Howell, Capital $46000 deficiency. The income ratio is 6:212, respectively. How much cash should be distributed to Laney if Howell does not pay his deficiency? $362250 O $396000 O $373000 O $384500 Click if you would like to Show Work for this question: Open Show Work
Multiple Choice Question 85
On January 1, Vaughn Corporation had 93000 shares of $10 par value
common stock outstanding. On June 17, the company declared a 15%
stock dividend to stockholders of record on June 20. Market value
of the stock was $16 on June 17. The stock was distributed on June
30. The entry to record the transaction of June 30 would include
a
debit to Stock Dividends for $83700.
debit to Common Stock Dividends Distributable for $223200.
credit...
Multiple Choice Question 114
Alex, Bob, and Ciera are partners, sharing income 2:1:2. After
selling all of the assets for cash, dividing gains and losses on
realization, and paying liabilities, the balances in the capital
accounts are as follows: Alex, $10100 Cr; Bob, $10100 Cr; and
Ciera, $30000 Cr. How much cash should be distributed to
Alex?
$16867
$20200
$6100
$10100
Click if you would like to
Show Work for this question:
Open Show Work
Question Attempts: 0 of 1...
McGill and Smyth have capital balances on January 1 of $60,000
and $48,000, respectively. The partnership income-sharing agreement
provides for (1) annual salaries of $16,000 for
McGill and $20,000 for Smyth, (2) interest at 10% on beginning
capital balances, and (3) remaining income or loss to be shared 60%
by McGill and 40% by Smyth.
Exercise 12-04 a-b (Part Level Submission) (Video) McGill and Smyth have capital balances on January 1 of $60,000 and $48,000, respectively. The partnership income-sharing agreement...
Help I System Announcements CALCULATOR PRINTER VERSION BACK NEXT Multiple Choice Question 103 SheridanCom pany is authorized to issue 1000 stock with a stated value of $1 per share. If Sheridan issues 5000 shares of preferred stock for land with an asking price of $569000 and a market value of $542000, which of the following would be the journal entry for Sheridan to record? 0 shares of 10000%, $100 par value preferred stock and 458000 shares of no-par common !...
Multiple Choice Question 118 The standard number of hours that should have been worked for the output attained is 11400 direct labor hours and the actual number of direct labor hours worked was 12100. If the direct labor price variance was $12100 unfavorable, and the standard rate of pay was $16 per direct labor hour, what was the actual rate of Day for direct labor 317 per direct labor hour $16 per direct labor hour $15 per direct labor hour...