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The accounts balances in the end of 2020 will be: Jim, Capital Choose... Jyoti, Capital Choose......
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and Net Loss will be distributed based on capital contribution by each partner. - All of them contributed 50,000 in cash. In addition the following assets and liabilities were contributed. All assets are measured at market value. Jim: Land and Building 200,000 (50% Land, 50% Building) Accumulated Depreciation - Building 30,000 Jyoti: Bank Loan (Liability) 25,000 Accounts Receivable 35,000 AFDA 5,000 Joy: Equipment 80,000 Accumulated...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and Net Loss will be distributed based on capital contribution by each partner. All of them contributed 50,000 in cash. In addition the following assets and liabilities were contributed. All assets are measured at market value. Jim: Land and Building 200,000 (50% Land, 50% Building) Accumulated Depreciation - Building 30,000 Jyoti: Bank Loan (Liability) 25,000 Accounts Receivable 35,000 AFDA 5,000 Joy: Equipment 80,000 Accumulated Depreciation...
Ramirez and Xue Trial Balance December 31, 20Y2 Debit Balances Credit Balances Cash 46,200 Accounts Receivable...
Ramirez and Xue Trial Balance December 31, 20Y2 Debit Balances Credit Balances Cash 46,200 Accounts Receivable 44,000 Supplies 1,700 Land 110,000 Building 120,100 Accumulated Depreciation—Building 68,800 Office Equipment 50,600 Accumulated Depreciation—Office Equipment 21,300 Accounts Payable 32,800 Salaries Payable 3,500 Camila Ramirez, Capital 110,000 Camila Ramirez, Drawing 49,500 Ping Xue, Capital 66,000 Ping Xue, Drawing 71,500 Professional Fees 399,600 Salary Expense 160,600 Depreciation Expense—Building 15,900 Property Tax Expense 9,900 Heating and Lighting Expense 7,900 Supplies Expense 5,700 Depreciation Expense—Office Equipment 5,000...
The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after...
The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Ramirez and Xue Trial Balance December 31, 20Y2 Debit Balances Credit Balances Cash 51,700 Accounts Receivable 49,200 Supplies 1,800 Land 123,000 Building 134,000 Accumulated Depreciation—Building 76,900 Office Equipment 56,600 Accumulated Depreciation—Office Equipment 23,900 Accounts Payable 36,700 Salaries Payable 3,900 Camila Ramirez, Capital 120,000 Camila Ramirez, Drawing 55,400 Ping Xue, Capital 73,800 Ping Xue, Drawing 80,000 Professional...
2. Dec. 31 capital-Yost, $125,000and balances after adjustments have been recorded on December 31, 20Y3: PR...
2. Dec. 31 capital-Yost, $125,000and balances after adjustments have been recorded on December 31, 20Y3: PR 12-3A Financial statements for partnership The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contains the following accounts OBJ. 2,5 Lambert and Yost Trial Balance December 31, 20Y3 Excel Debit Credit Balances Balances Cash 34,000 47,800 2,000 120,000 157,500 Accounts Receivable Supplies Land Building Accumulated Depreciation-Building Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Tyler Lambert, Capital Tyler Lambert, Drawing Jayla Yost, Capital...
Class Work 1 The following events pertain to a partnership formed by Papa Hubert and Wimpy...
Class Work 1 The following events pertain to a partnership formed by Papa Hubert and Wimpy Christie to operate a straw doll making company. 2011 Feb. 14 The partnership was formed. Papa Hubert transferred to the partnership$80,000 cash, land worth $80,000, a building worth $480,000, and a mortgage on the building of $240,000. Wimpy Christie transferred to the partnership $40,000 cash and equipment worth $160,000 Dec.31 During 2011, the partnership earned income of just $84,000. The partnership agreement specifies that...
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc....
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc. (in millions). Identify each account as an asset (A), liability (L), stockholder's equity (SE), revenue (R), or an expense (E). Retained Earnings Cost of Goods Sold Selling & Admin Expenses Cash Notes Payable Interest Expense Other Expenses 1,564.7 4,128.5 3,523.6 231.8 513.3 351.5 54.0 Long-term Debt Inventories Net Sales Accounts Payable Common Stock Income Tax Expense 5,619.0 574.5 8,853.3 577.5 103.8 322.1 Prepare an...
The events that follow pertain to a partnership formed in February 2013 by Mercian Zadoney and...
The events that follow pertain to a partnership formed in February 2013 by Mercian Zadoney and Michael Slater to operate a floor-cleaning company: Feb. 14, 2013 The partnership was formed. Zadoney transferred to the partnership $160,000 cash, land worth $160,000, a building worth $960,000, and a mortgage on the building of $480,000. Slater transferred to the partnership $80,000 cash and equipment worth $320,000. Dec. 31, 2013 During 2013, the partnership earned income of just $168,000. The partnership agreement specifies that...
Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
Coburn (beginning capital, $59,000) and Webb (beginning capital $95,000) are partners. During 2022, the partnership earned net income of $68,000, and Coburn made drawings of $17,000 while Webb made drawings of $25,000.
Coburn (beginning capital, $59,000) and Webb (beginning capital $95,000) are partners. During 2022, the partnership earned net income of $68,000, and Coburn made drawings of $17,000 while Webb made drawings of $25,000.Assume the partnership income-sharing agreement calls for income to be divided 40% to Coburn and 60% 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 ExplanationDebitCreditselect an account title ...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and Net Loss will be distributed based on capital contribution by each partner. - All of them contributed 50,000 in cash. In addition the following assets and liabilities were contributed. All assets are measured at market value. Jim: Land and Building 200,000 (50% Land, 50% Building) Accumulated Depreciation - Building 30,000 Jyoti: Bank Loan (Liability) 25,000 Accounts Receivable 35,000 AFDA 5,000 Joy: Equipment 80,000 Accumulated...
Jim, Jyoti and Joy started a partnership business on Jan 1, 2019. The Net Income and Net Loss will be distributed based on capital contribution by each partner. All of them contributed 50,000 in cash. In addition the following assets and liabilities were contributed. All assets are measured at market value. Jim: Land and Building 200,000 (50% Land, 50% Building) Accumulated Depreciation - Building 30,000 Jyoti: Bank Loan (Liability) 25,000 Accounts Receivable 35,000 AFDA 5,000 Joy: Equipment 80,000 Accumulated Depreciation...
2. Dec. 31 capital-Yost, $125,000and balances after adjustments have been recorded on December 31, 20Y3: PR 12-3A Financial statements for partnership The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contains the following accounts OBJ. 2,5 Lambert and Yost Trial Balance December 31, 20Y3 Excel Debit Credit Balances Balances Cash 34,000 47,800 2,000 120,000 157,500 Accounts Receivable Supplies Land Building Accumulated Depreciation-Building Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Salaries Payable Tyler Lambert, Capital Tyler Lambert, Drawing Jayla Yost, Capital...
Class Work 1 The following events pertain to a partnership formed by Papa Hubert and Wimpy Christie to operate a straw doll making company. 2011 Feb. 14 The partnership was formed. Papa Hubert transferred to the partnership$80,000 cash, land worth $80,000, a building worth $480,000, and a mortgage on the building of $240,000. Wimpy Christie transferred to the partnership $40,000 cash and equipment worth $160,000 Dec.31 During 2011, the partnership earned income of just $84,000. The partnership agreement specifies that...
14. The following accounts and balances were taken from the 2020 financial statements of Global2, Inc. (in millions). Identify each account as an asset (A), liability (L), stockholder's equity (SE), revenue (R), or an expense (E). Retained Earnings Cost of Goods Sold Selling & Admin Expenses Cash Notes Payable Interest Expense Other Expenses 1,564.7 4,128.5 3,523.6 231.8 513.3 351.5 54.0 Long-term Debt Inventories Net Sales Accounts Payable Common Stock Income Tax Expense 5,619.0 574.5 8,853.3 577.5 103.8 322.1 Prepare an...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
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