Homework Answers
Q. 29
Answer is $108000
As per above calculation option b is correct and all other options are incorrect
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QUESTION 29 Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000,...
Partners Cantor and Dickens have capital balances in a partnership of $160000 and $236000, respectively. They...
Partners Cantor and Dickens have capital balances in a partnership of $160000 and $236000, respectively. They agree to share profits and losses as follows: As salaries As interest on capital at the beginning of the year Cantor $39900 10% Dickens $48800 10% Remaining profits or losses 50% 50% If income for the year was $210000, what will be the distribution of income to Dickens? $96750 $39600 O $113250 $79200
QUESTION 31 The Mayer and Rodin partnership agreement stipulates that profits and losses will be shared...
QUESTION 31 The Mayer and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $400,000 for Mayer and $200,000 for Rodin At the beginning of the year, Mayer's Capital account had a balance of $800,000, while Rodin's Capital account had a balance of $700,000. Net income for the year was $800,000. The balance of Rodin's Capital account at the end of the year after closing is $950,000. O $1,000,000 $850,000 $900,000
Partner A and Partner B have capital balances of $40,000 and $60,000, respectively, prior to the...
Partner A and Partner B have capital balances of $40,000 and $60,000, respectively, prior to the admission of Partner C. Partner C contributes $20,000 in exchange for a 20% interest in the partnership. The partnership agreement stipulates profits and losses are shared equally. What will be the balance in Partner A's capital account after the admission of Partner C?
A partnership begins its first year with the following capital balances: Alfred, Capital Bernard, Capital Collins,...
A partnership begins its first year with the following capital balances: Alfred, Capital Bernard, Capital Collins, Capital $40,000 50,000 60,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: • Each partner is allocated interest equal to 5 percent of the beginning capital balance. • Bernard is allocated compensation of $20,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. Each partner is allowed to withdraw up to $4,000...
3. Johnston and Dune have the following capital balances of $160,000 and 130,000. After operating for...
3. Johnston and Dune have the following capital balances of $160,000 and 130,000. After operating for five years on their own, they decide to let Smith join the partnership for $80,000 and 20% ownership. In addition, the Articles of partnership state that Johnston and Dune will split proceeds on a 70 percent (Johnston) and 30 percent (Dune) basis. The cash paid by Smith with go directly to the business. Create the journal entry using the goodwill method, show your work....
A partnership began its first year of operations with the following capital balances: Jeff, Capital: $150,000...
A partnership began its first year of operations with the following capital balances: Jeff, Capital: $150,000 Dan, Capital: $200,000 Matthew, Capital: $230,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Jeff, Dan and Matthew were to be awarded annual salaries of $25,000, $15 ,000 and $15,000, respectively. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was...
At year-end, the Circle City partnership has the following capital balances: $160,000 Manning Capital Gonzalez Capital...
At year-end, the Circle City partnership has the following capital balances: $160,000 Manning Capital Gonzalez Capital Clark, Capital Freeney Capital 140,000 110,000 100,000 Profits and losses are split on a 3:3:2:2 basis, respectively. Clark decides to leave the partnership and is paid $126,000 from the business based on the original contractual agreement. The payment made to Clark beyond his capital account was for Clark's share of previously unrecognized goodwill. After recognizing partnership goodwill, what is Manning's capital balance after Clark...
The net income of the Linder and Hill partnership is $250,000. The partnership agreement specifies that...
The net income of the Linder and Hill partnership is $250,000. The partnership agreement specifies that profits and losses will be shared equally after salary allowances of $200,000 (Linder) and $150,000 (Hill) have been allocated. At the beginning of the year, Linder 's Capital account had a balance of $500,000 and Hill's Capital account had a balance of $650,000. What is the balance of Hill's Capital account at the end of the year after profits and losses have been distributed?
A partnership begins its first year with the following capital balances: $ Alfred, Capital Bernard, Capital...
A partnership begins its first year with the following capital balances: $ Alfred, Capital Bernard, Capital Collins, Capital 36.000 46,000 56,000 The articles of partnership stipulate that profits and losses be assigned in the following manner • Each partner is allocated interest equal to 8 percent of the beginning capital balance. • Bernard is allocated compensation of $16,000 per year. • Any remaining profits and losses are allocated on a 3.3.4 basis, respectively. • Each partner is allowed to withdraw...
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 ...
Partners Cantor and Dickens have capital balances in a partnership of $160000 and $236000, respectively. They agree to share profits and losses as follows: As salaries As interest on capital at the beginning of the year Cantor $39900 10% Dickens $48800 10% Remaining profits or losses 50% 50% If income for the year was $210000, what will be the distribution of income to Dickens? $96750 $39600 O $113250 $79200
QUESTION 31 The Mayer and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $400,000 for Mayer and $200,000 for Rodin At the beginning of the year, Mayer's Capital account had a balance of $800,000, while Rodin's Capital account had a balance of $700,000. Net income for the year was $800,000. The balance of Rodin's Capital account at the end of the year after closing is $950,000. O $1,000,000 $850,000 $900,000
A partnership begins its first year with the following capital balances: Alfred, Capital Bernard, Capital Collins, Capital $40,000 50,000 60,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: • Each partner is allocated interest equal to 5 percent of the beginning capital balance. • Bernard is allocated compensation of $20,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. Each partner is allowed to withdraw up to $4,000...
3. Johnston and Dune have the following capital balances of $160,000 and 130,000. After operating for five years on their own, they decide to let Smith join the partnership for $80,000 and 20% ownership. In addition, the Articles of partnership state that Johnston and Dune will split proceeds on a 70 percent (Johnston) and 30 percent (Dune) basis. The cash paid by Smith with go directly to the business. Create the journal entry using the goodwill method, show your work....
At year-end, the Circle City partnership has the following capital balances: $160,000 Manning Capital Gonzalez Capital Clark, Capital Freeney Capital 140,000 110,000 100,000 Profits and losses are split on a 3:3:2:2 basis, respectively. Clark decides to leave the partnership and is paid $126,000 from the business based on the original contractual agreement. The payment made to Clark beyond his capital account was for Clark's share of previously unrecognized goodwill. After recognizing partnership goodwill, what is Manning's capital balance after Clark...
A partnership begins its first year with the following capital balances: $ Alfred, Capital Bernard, Capital Collins, Capital 36.000 46,000 56,000 The articles of partnership stipulate that profits and losses be assigned in the following manner • Each partner is allocated interest equal to 8 percent of the beginning capital balance. • Bernard is allocated compensation of $16,000 per year. • Any remaining profits and losses are allocated on a 3.3.4 basis, respectively. • Each partner is allowed to withdraw...
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