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please help!
E12-19 (similar to) Question Help $55,000. Assume Robert Hayes is admitted to the partnership of Robert & Nadia. Prior to her admission, the partnership books show Robert's capital balance at $110,000 and Nedia's and Nedia share profits and losses equally Read the requirements Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a Hayes pays 596,000.Nedia's equity Hayes pays Nedia directly Begin by computing the partner's equity base for plan...
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E12-20 Accounting for withdrawal of a partner The O'Hara, Parness, and Lincoln partnership balance sheet reports capital of $50,000 for O'Hara, $125,000 for Parness, and $25,000 for Lincoln. O'Hara is withdraw- ing from the firm. The partners have shared profits and losses in the ratio of 1/2 to O'Hara, 1/4 to Parness, and 1/4 to Lincoln. The partnership agreement states that a withdrawing partner will receive cash equal to the book value of his or her partners' equity. Journalize the...
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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...
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Hi I need help completing 2A and 2B. I've attached both question
and my work done so far.
Use the following Balance Sheet to answer Ince Sheet to answer questions 1-3: Black & Blue Balance Sheet December 31, 2017 Assets Liabilities Cash $ 10,000 Accounts Payable $ 20.000 119.000 Non-Cash Assets Partner's' Equity Black, Capital Blue, Capital Total Partners' Equity Total liabilities and Partners' Equity 65,000 55.000 120,000 Total Assets 120m Requirements (1, 2, and 3 are independent situations) 1....
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. Carlson Cits market value $5,500,000. The Et contributes $12-3 Accounting for partner contributions Kur and Warforming a partnership to develop a theme park near Cars onda kurr contribus cash of 300,000 and land with a current market of $10, When urrundused the land in 2015, its cost was 35,500 partnership will assume Kurth 500 note payable on the land Wyatt com Cash of SSD and again st a current market value of $5,500,000 Requirements 1. Journaline the partnerships receipt...
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yuiuuLIUI13. Assignment: Problem 1: Eaton and Foley have capital balances of &50,000 and $30,000 respectively, at the beginning of the current fiscal year. The articles of partnership provide for an interest allowance at a rate of 8% on the capital balances at the beginning of the year, salary allowances of $18,000 and $12,000 respectively and the remaining net income divided equally. Net income for the current year is $30,000. a) Divide the net income between the partners. thon b) Prepare...
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DO EX 12-11 Admitting new partners who buy an interest and contribute assets The capital accounts of Jonathan Faber and Faheem Ahmad have balances of $150,000 and $110,000, respectively. Lauren Wells and Rachel Lee are to be admitted to the part nership. Wells buys one-fifth of Faber's interest for $35,000 and one-fourth of Ahmad's interest for $25,000. Lee contributes $70,000 cash to the partnership, for which she is to receive an ownership equity of $70,000. a. Journalize the entries to...
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Problem 2: The capital accounts of John Smith and Bill Wilson have balances if $140,000 and $90,000 respectively. Joan Jett and Mary Faber are to be admitted to the partnership. Jett buys one-fifth of Smith's interest for $30,000 and one-fourth of Wilson's interest for $20,000. Faber contributes $75,000 cash to the partnership, for which she is to receive an ownership equity of $75,000. a) Journalize the entries to record the admission of (1) Jett and (2) Faber b) What are...
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EX 12-10. Admitting new partners who buy an interest and contribute assets Obj. 3 Show Me How The capital accounts of Trent Henry and Tim Chou have balances of $160,000 and $100,000, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's inter- est for $35,000 and one- fourth of Chou's interest for $29,000. Clarke con- tributes $90,000 cash to the partnership, for which she is to receive an own- ership equity...
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17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
please help!
E12-19 (similar to) Question Help $55,000. Assume Robert Hayes is admitted to the partnership of Robert & Nadia. Prior to her admission, the partnership books show Robert's capital balance at $110,000 and Nedia's and Nedia share profits and losses equally Read the requirements Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a Hayes pays 596,000.Nedia's equity Hayes pays Nedia directly Begin by computing the partner's equity base for plan...
E12-20 Accounting for withdrawal of a partner The O'Hara, Parness, and Lincoln partnership balance sheet reports capital of $50,000 for O'Hara, $125,000 for Parness, and $25,000 for Lincoln. O'Hara is withdraw- ing from the firm. The partners have shared profits and losses in the ratio of 1/2 to O'Hara, 1/4 to Parness, and 1/4 to Lincoln. The partnership agreement states that a withdrawing partner will receive cash equal to the book value of his or her partners' equity. Journalize the...
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...
Hi I need help completing 2A and 2B. I've attached both question
and my work done so far.
Use the following Balance Sheet to answer Ince Sheet to answer questions 1-3: Black & Blue Balance Sheet December 31, 2017 Assets Liabilities Cash $ 10,000 Accounts Payable $ 20.000 119.000 Non-Cash Assets Partner's' Equity Black, Capital Blue, Capital Total Partners' Equity Total liabilities and Partners' Equity 65,000 55.000 120,000 Total Assets 120m Requirements (1, 2, and 3 are independent situations) 1....
. Carlson Cits market value $5,500,000. The Et contributes $12-3 Accounting for partner contributions Kur and Warforming a partnership to develop a theme park near Cars onda kurr contribus cash of 300,000 and land with a current market of $10, When urrundused the land in 2015, its cost was 35,500 partnership will assume Kurth 500 note payable on the land Wyatt com Cash of SSD and again st a current market value of $5,500,000 Requirements 1. Journaline the partnerships receipt...
yuiuuLIUI13. Assignment: Problem 1: Eaton and Foley have capital balances of &50,000 and $30,000 respectively, at the beginning of the current fiscal year. The articles of partnership provide for an interest allowance at a rate of 8% on the capital balances at the beginning of the year, salary allowances of $18,000 and $12,000 respectively and the remaining net income divided equally. Net income for the current year is $30,000. a) Divide the net income between the partners. thon b) Prepare...
DO EX 12-11 Admitting new partners who buy an interest and contribute assets The capital accounts of Jonathan Faber and Faheem Ahmad have balances of $150,000 and $110,000, respectively. Lauren Wells and Rachel Lee are to be admitted to the part nership. Wells buys one-fifth of Faber's interest for $35,000 and one-fourth of Ahmad's interest for $25,000. Lee contributes $70,000 cash to the partnership, for which she is to receive an ownership equity of $70,000. a. Journalize the entries to...
Problem 2: The capital accounts of John Smith and Bill Wilson have balances if $140,000 and $90,000 respectively. Joan Jett and Mary Faber are to be admitted to the partnership. Jett buys one-fifth of Smith's interest for $30,000 and one-fourth of Wilson's interest for $20,000. Faber contributes $75,000 cash to the partnership, for which she is to receive an ownership equity of $75,000. a) Journalize the entries to record the admission of (1) Jett and (2) Faber b) What are...
EX 12-10. Admitting new partners who buy an interest and contribute assets Obj. 3 Show Me How The capital accounts of Trent Henry and Tim Chou have balances of $160,000 and $100,000, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's inter- est for $35,000 and one- fourth of Chou's interest for $29,000. Clarke con- tributes $90,000 cash to the partnership, for which she is to receive an own- ership equity...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...