Homework Answers
Answer:
a) Journal Entry
| Account Title and Explaination | Debit | Credit |
| Cash | $52,400 | |
| Decker's Capital Account | $52,400 | |
| (To Record Investment in Decker) | ||
| Land | $17,900 | |
| Building | $75,940 | |
| Rosen's Capital Account | $93,840 | |
| (To Record Investment in Rosen) | ||
| Cash | $17,900 | |
| Accounts receivable | $30,320 | |
| Equipment | $15,810 | |
| Allowances for Doubtful Debt | $3,032 | |
| Toso's Capital Account | $60,998 | |
| (To Record Investment in Toso) |
(Working
Allowances for Doubtful Debt = $30,320-$27,288 = $ 3,032.)
b) Totoal owners equity=$52,400+$93,840+$60,998=$207,238
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its part a and b in the other picture
Exercise 12-2 K. Decker, S. Rosen, and...
Exercise 12-02 a-b (Part Level Submission) (Video) K. Decker, S. Rosen, and E. Toso are forming...
Exercise 12-02 a-b (Part Level Submission) (Video) K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $53,900 of personal cash to the partnership. Rosen owns land worth $17,300 and a small building worth $78,600, which she transfers to the partnership. Toso transfers to the partnership cash of $13,300, accounts receivable of $35,600, and equipment worth $21,200. The partnership expects to collect $32,040 of the accounts receivable. (a) Prepare the journal entries to record each of...
E12-2 K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,000...
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Homework E12-2 K. Decker,S. Rosen, and E. Toso are forming a partnership. Decker is transferring 50,000...
Homework E12-2 K. Decker,S. Rosen, and E. Toso are forming a partnership. Decker is transferring 50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9,000, accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries to record each of the partners' investments. (b)...
E12-2 K. Decker, S. Rosen, and E. Toso are forming a partnership Decker is transferring $50,000...
E12-2 K. Decker, S. Rosen, and E. Toso are forming a partnership Decker is transferring $50,000 of personal cash to the partnership. Rosen owns land worth $15.000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9.000. accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries to record each of the partners investiments. (b)...
you have to label it like （a........ （b.......... Homework E12-2 K. Decker,S. Rosen, and E. Toso...
you have to label it
like （a........
（b..........
Homework E12-2 K. Decker,S. Rosen, and E. Toso are forming a partnership. Decker is transferring 50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9,000, accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries...
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $45,000 of...
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $45,000 of personal cash to the partnership. Rosen owns land worth $10,000 and a small building worth $75,000, which she transfers to the partnership. Toso transfers to the partnership cash of $10,000, accounts receivable of $27,000, and equipment worth $14,000. The partnership expects to collect $24,300 of the accounts receivable. Prepare the journal entries to record each of the partners’ investments. (Credit account titles are automatically...
LUPrect the statement. s. Rosen, and E. Toso alse ship liabilities ific assets he 30,000 of...
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Question A. Wiggins, L. Stokes, and K. Hayes are forming a partnership. Wiggins is transferring $75,000...
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Exercise 12-07 Terry, Nick, and Frank are forming the bossen Partnership Terry is transferring 129.000 personal...
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Exercise 14-21 Shamrock Company owes $201,000 plus $17,900 of accrued interest to Bridgeport State Bank. The...
Exercise 14-21 Shamrock Company owes $201,000 plus $17,900 of accrued interest to Bridgeport State Bank. The debt is a 10-year, 10% note. During 2017, Shamrock's business deteriorated due to a faltering regional economy. On December 31, 2017, Bridgeport State Bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of $354,000, accumulated depreciation of $194,700, and a fair value of $179,000. Prepare journal entries for Shamrock Company and Bridgeport State Bank to record...
Exercise 12-02 a-b (Part Level Submission) (Video) K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $53,900 of personal cash to the partnership. Rosen owns land worth $17,300 and a small building worth $78,600, which she transfers to the partnership. Toso transfers to the partnership cash of $13,300, accounts receivable of $35,600, and equipment worth $21,200. The partnership expects to collect $32,040 of the accounts receivable. (a) Prepare the journal entries to record each of...
E12-2 K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9,000, accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries to record each of the partners' investsnents (b)...
Homework E12-2 K. Decker,S. Rosen, and E. Toso are forming a partnership. Decker is transferring 50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9,000, accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries to record each of the partners' investments. (b)...
E12-2 K. Decker, S. Rosen, and E. Toso are forming a partnership Decker is transferring $50,000 of personal cash to the partnership. Rosen owns land worth $15.000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9.000. accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries to record each of the partners investiments. (b)...
you have to label it
like （a........
（b..........
Homework E12-2 K. Decker,S. Rosen, and E. Toso are forming a partnership. Decker is transferring 50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9,000, accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries...
LUPrect the statement. s. Rosen, and E. Toso alse ship liabilities ific assets he 30,000 of bu9,000,accounts receivable of $32.000, and equipment worth $39,000. The 12-2 K. Decker, l cash to the partnership. Rosen owns land worth $15,000 and a small of a partnership. S80.000, which she transfers to the partnership. Toso transfers to the part- o are forming a partnership. Decker is transferring Jounalics entry for formation s to collect $29,000 of the accounts receivable. ournal entries to record...
Question A. Wiggins, L. Stokes, and K. Hayes are forming a partnership. Wiggins is transferring $75,000 of personal cash to the partnership. Stokes owns land worth $25,000 and a small building worth $120,000, which she transfers to the partnership. Hayes transfers to the partnership cash of $14,000, accounts receivable of $48,000 and equipment worth $28,000. The partnership expects to collect $45,000 of the accounts receivable. (a) Prepare the journal entries to record each of the partners' investments. (Credit account titles...
Exercise 12-07 Terry, Nick, and Frank are forming the bossen Partnership Terry is transferring 129.000 personal cash and equiment worth $24,000 to the partnership Nick owns and worth $17.000 and a small building worth $74,000, which he transfers to partner. There is a long-term mortgage of $19,000 on the land and building, which the other assumes Frank transfers cash of $5,000, accounts receivable of $35,000, supplies worth $2,000, and equipment worth $21,000 to the partner Barthe expects to collect $31.000...
Exercise 14-21 Shamrock Company owes $201,000 plus $17,900 of accrued interest to Bridgeport State Bank. The debt is a 10-year, 10% note. During 2017, Shamrock's business deteriorated due to a faltering regional economy. On December 31, 2017, Bridgeport State Bank agrees to accept an old machine and cancel the entire debt. The machine has a cost of $354,000, accumulated depreciation of $194,700, and a fair value of $179,000. Prepare journal entries for Shamrock Company and Bridgeport State Bank to record...
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