Danny, DeeDee, and Lyonette share profits and losses on a 3:2:1 basis and have capital accounts...
Danny, DeeDee, and Lyonette share profits and losses on a 3:2:1 basis and have capital accounts of $30, $100, and $50, respectively. Lyonette retires: the partnership net assets are appraised at amount $300, and Lyonette is then paid $80 at retirement. What is Dannny’s capital account after Lyon’s retirement.
Homework Answers
Add Answer to:
Danny, DeeDee, and Lyonette share profits and losses on a 3:2:1
basis and have capital accounts...
Puff and Smoke agreed to share profits and losses in their partnership on a 7:3 basis,...
Puff and Smoke agreed to share profits and losses in their partnership on a 7:3 basis, respectively, after a salary allowance of $25,000 is allocated to Puff. Earnings for the period total $115,000. What will be the total amount credited to Puff's Capital account when the Income Summary account is closed? $90,000 $25,000 $88,000 $63,000 $52,000
A and B share profits and losses 60:40, and have capital accounts of $30,000 and $10,000,...
A and B share profits and losses 60:40, and have capital accounts of $30,000 and $10,000, respectively. C has agreed to invest $20,000 for a 40% interest in the new ABC partnership. Using the Bonus Method, what are the partner’s capital balance in the new ABC partnership and the total balance amount?
A and B share profits and losses 60:40, and have capital accounts of $30,000 and $10,000,...
A and B share profits and losses 60:40, and have capital accounts of $30,000 and $10,000, respectively. Now C has agreed to invest $40,000 for a 40% interest in the new ABC partnership. Using the Goodwill Method, what are the partner C’s Capital balance in the new ABC partnership and what is the total goodwill amount?
Jack and Lewis have been in partnership for some years sharing profits and losses equally. They...
Jack and Lewis have been in partnership for some years sharing profits and losses equally. They had no partnership agreement. Their statement of financial position at 30 September 2015 showed the following information. Non-current assets Net current assets 230 000 60 000 290 000 Capital accounts Jack Lewis 200 000 70 000 270 000 Current accounts Jack Lewis Opening balance Share of profit Drawings Closing balance 31 000 15 000 (21 000) 25 000 17 000 15 000 (37 000)...
Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively,...
Partners Eli and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Eli is allowed a salary allowance of $70600 and Alex is allowed a salary allowance of $35100. If the partnership had net income of $70300 for 2020, Alex’s share of the income would be
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the...
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 6:2:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Debit Credit Cash $ 20,200 Accounts Receivable 71,500 Inventory 57,500 Machinery and Equipment (net) 194,500 Accounts Payable $ 55,200 Art, Capital 93,500 Bru, Capital 115,500 Chou, Capital 79,500 Total $ 343,700 $ 343,700 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses....
On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) de...
On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to liquidate their partnership. The trial balance at this date follows: Debit Credit $ 41,000 Cash Accounts receivable 112,000 98,000 235,000 76,000 Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital $ 97,000 66,000 189,000 113,000 97,000 $ 562,000 $ 562,000 Totals The partners plan a program of piecemeal conversion...
A partnership has the following capital balances: Arlo (50% of gains and losses) Band (30%) Carlyle...
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...
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the...
On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 5:3:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Debit Credit Cash $ 18,000 Accounts Receivable 66,000 Inventory 52,000 Machinery and Equipment (net) 189,000 Accounts Payable $ 53,000 Art, Capital 88,000 Bru, Capital 110,000 Chou, Capital 74,000 Total $ 325,000 $ 325,000 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses....
Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is: CHENARD,...
Chenard,
Jennings, and Blair share profits and losses is 2:3:5,
respectively. The balance sheet is: CHENARD, JENNINGS, AND BLAIR
PARTNERSHIP Balance Sheet December 31, 2020 Assets Liabilities and
Owners' Equity Cash $45100 Liabilities $145000 Noncash assets
280000 Chenard, Capital 60000 Jennings, Capital 90300 Blair,
Capital 29800 Total $325100 Total $325100 If the partnership is
liquidated and the noncash assets are worthless, the creditors will
look to what partner's personal assets for settlement of the
creditors' claims?
Multiple Choice Question 105...
Jack and Lewis have been in partnership for some years sharing profits and losses equally. They had no partnership agreement. Their statement of financial position at 30 September 2015 showed the following information. Non-current assets Net current assets 230 000 60 000 290 000 Capital accounts Jack Lewis 200 000 70 000 270 000 Current accounts Jack Lewis Opening balance Share of profit Drawings Closing balance 31 000 15 000 (21 000) 25 000 17 000 15 000 (37 000)...
On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to liquidate their partnership. The trial balance at this date follows: Debit Credit $ 41,000 Cash Accounts receivable 112,000 98,000 235,000 76,000 Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital $ 97,000 66,000 189,000 113,000 97,000 $ 562,000 $ 562,000 Totals The partners plan a program of piecemeal conversion...
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...
Chenard,
Jennings, and Blair share profits and losses is 2:3:5,
respectively. The balance sheet is: CHENARD, JENNINGS, AND BLAIR
PARTNERSHIP Balance Sheet December 31, 2020 Assets Liabilities and
Owners' Equity Cash $45100 Liabilities $145000 Noncash assets
280000 Chenard, Capital 60000 Jennings, Capital 90300 Blair,
Capital 29800 Total $325100 Total $325100 If the partnership is
liquidated and the noncash assets are worthless, the creditors will
look to what partner's personal assets for settlement of the
creditors' claims?
Multiple Choice Question 105...
Most questions answered within 3 hours.
-
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 6 minutes ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 18 minutes ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 21 minutes ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 39 minutes ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 38 minutes ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 41 minutes ago -
what is the density ( in g/L) of hydrogen gas at 29 degrees C and a...
asked 50 minutes ago -
5-6. You are considering three investment alternatives for some
spare cash: Old Reliable Corporation stock (A1),...
asked 41 minutes ago -
Problem 16-02
Receivables Investment
Medwig Corporation has a DSO of 45 days. The company averages
$7,250...
asked 56 minutes ago -
Mr. Brown hired Lowe's Maintenance Services Limited to repair
and paint the exterior wall of his...
asked 57 minutes ago -
When might an index slow down the overall performance of the
database? Choose the best answer....
asked 1 hour ago -
Due to a recession, expected inflation this year is only 2.25%.
However, the inflation rate in...
asked 1 hour ago