Homework Answers
3)
| Debit | Credit | ||
| a | Income Summary | $ 90,000.00 | |
| Holden, Capital | $ 45,000.00 | ||
| Phillips, Capital | $ 22,500.00 | ||
| Rogers, Capital | $ 22,500.00 | ||
| b | Income Summary | $ 90,000.00 | |
| Holden, Capital | $ 45,000.00 | ||
| Phillips, Capital | $ 27,000.00 | ||
| Rogers, Capital | $ 18,000.00 | ||
| c | Income Summary | $ 90,000.00 | |
| Holden, Capital | $ 26,666.67 | ||
| Phillips, Capital | $ 26,666.67 | ||
| Rogers, Capital | $ 36,666.67 |
4)
| Debit | Credit | |
| Land | $ 100,000.00 | |
| Building | $ 300,000.00 | |
| Note Payable | $ 198,000.00 | |
| Reilly, Capital | $ 202,000.00 | |
| Cash | $ 60,000.00 | |
| Equipment | $ 105,000.00 | |
| Wolf, Capital | $ 165,000.00 |
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3. Holden, Phillips, and Rogers are partners with beginning-year capital balances of $ 120,000, $60,000, and...
1. C and D had capital balances of $60,000 and $120,000 respectively on January 1 of...
1. C and D had capital balances of $60,000 and $120,000 respectively on January 1 of the current year. On May 8, C invested an additional $10,000 in the partnership. During the year, C and D withdrew $25,000 and $35,000 respectively. After closing all expense and revenue accounts at the end of the year, Income Summary has a credit balance of $90,000. The net income is divided in the ration of 2:3 after a salary of $40,000 to C. Journalize...
Question 12 (4 points) Thandie and Marco are partners with capital balances of $60,000 each. They...
Question 12 (4 points) Thandie and Marco are partners with capital balances of $60,000 each. They share profits and losses at 50%. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should Thandie's capital balance in the partnership be after the journal entry to record Chris's admittance into the firm? O $60,000 $50,000 O$45,000 O $30,000
Jakobs, Penn, and Lundt are partners with beginning-of-year capital balances of $400,000, $320,000, and$160,000, respectively. The partners...
Jakobs, Penn, and Lundt are partners with beginning-of-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 Jakobs,$50,000 to Penn, and $36,000 to Lundt. An interest allowance of 8% on beginning-of-year capital balances. Anyremaining balance is to be divided on a 1:2:3 ratio respectively. If partnership net income for the year is$190,000, determine each partner's share.
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their...
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their partnership agreement called for Copote to receive a $12,000 annual salary allowance, and each partner to receive a share of profit equal to a 10% return on capital investments. The remaining income or loss is to be divided 40% to Copote and 60% to Parsons. If the profit for the year is $84,000, what are Copote's and Parson's respective shares? 6) Gillian and Emily...
Sharp and Townson had capital balances of $60,000 and $120,000, respectively, on January 1 of the...
Sharp and Townson had capital balances of $60,000 and $120,000, respectively, on January 1 of the current year. On May 8, Sharp invested an additional $10,000 in the partnership. During the year, Sharp and Townson withdrew $25,000 and $45,000, respectively. The revenue account at the end of the year had a balance of $600,000, and the expense account had a balance of $510,000. Sharp and Townson have agreed to split net income on a 2:1 basis. a. Prepare the statement...
Exercise 12-5 Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2017, the...
Exercise 12-5 Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2017, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made drawings of $24,000. Assume the partnership income-sharing agreement calls for income to be divided 45% to Coburn and 55% to Webb, prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and...
Stephen, Hudson, andChris have capital balances of $22,000, $41,000, $90,000. The partners share profit as 1:1:3,...
Stephen, Hudson, andChris have capital balances of $22,000, $41,000, $90,000. The partners share profit as 1:1:3, respectively. The partnership had net income of $110,000 for the year. Journalize the closing entry to allocate the net income. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Question 14 (3 points) Thandie and Marco are partners with capital balances of $60,000 each. They share profits at...
Question 14 (3 points) Thandie and Marco are partners with capital balances of $60,000 each. They share profits at 50%. Chris contributes $60,000 for a 1/3 share. What amount should the partnership record as an individual bonus to each of the old partners? O $10,000 O $7,000 O $0 $5,000
Question 1: (6 marks) David (beginning capital, $60,000) and Gerald (beginning capital $90,000) are partners. During...
Question 1: (6 marks) David (beginning capital, $60,000) and Gerald (beginning capital $90,000) are partners. During 2020, the partnership earned net income of $80,000, and David made drawings of $18,000 while Gerald made drawings of $24,000. Instructions a. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000 to David and $25,000 to Gerald, with the remainder divided 45% to David and 55% to Gerald. Prepare the journal entry to record the allocation of...
yuiuuLIUI13. Assignment: Problem 1: Eaton and Foley have capital balances of &50,000 and $30,000 respectively, at...
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...
Question 12 (4 points) Thandie and Marco are partners with capital balances of $60,000 each. They share profits and losses at 50%. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should Thandie's capital balance in the partnership be after the journal entry to record Chris's admittance into the firm? O $60,000 $50,000 O$45,000 O $30,000
5) Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their partnership agreement called for Copote to receive a $12,000 annual salary allowance, and each partner to receive a share of profit equal to a 10% return on capital investments. The remaining income or loss is to be divided 40% to Copote and 60% to Parsons. If the profit for the year is $84,000, what are Copote's and Parson's respective shares? 6) Gillian and Emily...
Exercise 12-5 Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2017, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made drawings of $24,000. Assume the partnership income-sharing agreement calls for income to be divided 45% to Coburn and 55% to Webb, prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and...
Question 14 (3 points) Thandie and Marco are partners with capital balances of $60,000 each. They share profits at 50%. Chris contributes $60,000 for a 1/3 share. What amount should the partnership record as an individual bonus to each of the old partners? O $10,000 O $7,000 O $0 $5,000
Question 1: (6 marks) David (beginning capital, $60,000) and Gerald (beginning capital $90,000) are partners. During 2020, the partnership earned net income of $80,000, and David made drawings of $18,000 while Gerald made drawings of $24,000. Instructions a. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000 to David and $25,000 to Gerald, with the remainder divided 45% to David and 55% to Gerald. Prepare the journal entry to record the allocation of...
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