Homework Answers
| No. | Accounts titles and explanation | Debit | Credit |
| (1) | Cash | $3,200 | |
| ...Pena's Capital | $3,200 | ||
| (To record the payment to the partnership) | |||
| (2) | Vogel's Capital | $18,400 | |
| Utech's Capital | $16,400 | ||
| ...Cash | $34,800 | ||
| (To record the distribution of cash to the partners) |
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PRINTER VERSION 4 BACK Exercise 12-10 (Part Level Submission) Prior to the distribution of cash to...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800 The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800. The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
Prior to the distribution of cash to the partners, the accounts in the Sheridan Company are...
Prior to the distribution of cash to the partners, the accounts in the Sheridan Company are Cash $42,800; Vogel, Capital (Cr.) $24,800; Utech, Capital (Cr.) $22,800; and Pena, Capital (Dr.) $4,800. The income ratios are 5:3:2, respectively. Sheridan Company decides to liquidate the company. Prepare the entry to record (1) the absorption of Pena’s capital deficiency by the other partners and (2) the distribution of cash to the partners with credit balances.
PRINTER VERSION RACK NEXT Exercise 12-9 Sedgwick Company at December 31 has cash $20,200, noncash assets...
PRINTER VERSION RACK NEXT Exercise 12-9 Sedgwick Company at December 31 has cash $20,200, noncash assets $106,000, liabilities $55,800, and the following capital balances: Floyd $46,200 and DeWitt $24,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Sedgwick Company now decides to liquidate the partnership Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Exercise 12-9 Sedgwick Company at December 31 has cash $23,800, noncash assets $106,000, liabilities $51,600, and...
Exercise 12-9 Sedgwick Company at December 31 has cash $23,800, noncash assets $106,000, liabilities $51,600, and the following capital balances: Floyd $45,000 and DeWitt $33,200. The firm is liquidated, and $112,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Sedgwick Company now decides to liquidate the partnership. Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The sale of...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 10-15 a-b (Part Level Submission) Sunland Company issued...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 10-15 a-b (Part Level Submission) Sunland Company issued $470,000, 15-year, 8% bonds at 96. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Click if you would like to Show Work for this question: Open Show Work
CALCULATOR PRINTER VERSIONイBACK NEXT RCES Exercise 13-07 a-b (Part Level Submission) On January 1, 2020, the...
CALCULATOR PRINTER VERSIONイBACK NEXT RCES Exercise 13-07 a-b (Part Level Submission) On January 1, 2020, the stockholders' equity section of Whispering Winds Corporation shows common stock ($6 par value) stock transactions occurred. sion).$1,800,000; paid-in capital in excess of par $1,080,000; and retained earnings $1,150,000. During the year, the following treasury Mar. 1 Purchased 52,000 shares for cash at $15 per share. July 1 Sold 11,500 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in Sheridan Company are as follows. Partner Capital Balance Income Ratio Trayer Emig Posada $59,500 35,500 30,500 50% 30% 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amour indent manually.) (1) Each of the continuing partners agrees to pay $18,600 in cash from personal funds to purchase Posada's ownership equity. Each receives 50%...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 8-13 (Part Level Submission) On May 2, McLain...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 8-13 (Part Level Submission) On May 2, McLain Company lends $29,200 to Chang, Inc., issuing a 6-month, 6% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Your answer is correct. Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 2 Notes Receivable |...
Wildhorse Company at December 31 has cash $22,400, noncash assets $108,000, liabilities $57,400, and the following...
Wildhorse Company at December 31 has cash $22,400, noncash
assets $108,000, liabilities $57,400, and the following capital
balances: Floyd $44,800 and DeWitt $28,200. The firm is liquidated,
and $118,000 in cash is received for the noncash assets. Floyd and
DeWitt income ratios are 60% and 40%, respectively. Wildhorse
Company now decides to liquidate the partnership.
Prepare the entries to record: (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
a.
The sale of noncash
assets....
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800 The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
Prior to the distribution of cash to the partners, the accounts in the Pharoah Company are Cash $34,400; Vogel, Capital (Cr.) $20,600; Utech, Capital (Cr.) $18,600; and Pena, Capital (Dr.) $4,800. The income ratios are 5:3:2, respectively. Pharoah Company decides to liquidate the company. Prepare the entry to record (1) Pena's payment of $4,800 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is...
PRINTER VERSION RACK NEXT Exercise 12-9 Sedgwick Company at December 31 has cash $20,200, noncash assets $106,000, liabilities $55,800, and the following capital balances: Floyd $46,200 and DeWitt $24,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Sedgwick Company now decides to liquidate the partnership Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Exercise 12-9 Sedgwick Company at December 31 has cash $23,800, noncash assets $106,000, liabilities $51,600, and the following capital balances: Floyd $45,000 and DeWitt $33,200. The firm is liquidated, and $112,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Sedgwick Company now decides to liquidate the partnership. Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The sale of...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 10-15 a-b (Part Level Submission) Sunland Company issued $470,000, 15-year, 8% bonds at 96. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Click if you would like to Show Work for this question: Open Show Work
CALCULATOR PRINTER VERSIONイBACK NEXT RCES Exercise 13-07 a-b (Part Level Submission) On January 1, 2020, the stockholders' equity section of Whispering Winds Corporation shows common stock ($6 par value) stock transactions occurred. sion).$1,800,000; paid-in capital in excess of par $1,080,000; and retained earnings $1,150,000. During the year, the following treasury Mar. 1 Purchased 52,000 shares for cash at $15 per share. July 1 Sold 11,500 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in Sheridan Company are as follows. Partner Capital Balance Income Ratio Trayer Emig Posada $59,500 35,500 30,500 50% 30% 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amour indent manually.) (1) Each of the continuing partners agrees to pay $18,600 in cash from personal funds to purchase Posada's ownership equity. Each receives 50%...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 8-13 (Part Level Submission) On May 2, McLain Company lends $29,200 to Chang, Inc., issuing a 6-month, 6% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Your answer is correct. Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 2 Notes Receivable |...
Wildhorse Company at December 31 has cash $22,400, noncash
assets $108,000, liabilities $57,400, and the following capital
balances: Floyd $44,800 and DeWitt $28,200. The firm is liquidated,
and $118,000 in cash is received for the noncash assets. Floyd and
DeWitt income ratios are 60% and 40%, respectively. Wildhorse
Company now decides to liquidate the partnership.
Prepare the entries to record: (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
a.
The sale of noncash
assets....
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