Imad Walid and Khaled are partners in a solidarity company, where profits, and losses are distributed...
Imad Walid and Khaled are partners in a solidarity company, where profits, and losses are distributed respectively 35, 25, and 40 among the partners according to the capital ratios. Partner Emad withdrew from the company and sold his share to the partners on 1/1/2019. The partner Khaled bought 30% of the share of the withdrawing partner Emad. At the end of the year 12/31/2019, the company profits amounted to 250,000 dinars, so the partner's share is Walid? *
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Imad Walid and Khaled are partners in a solidarity
company, where profits, and losses are distributed...
Clark and Dave are partners in the Company. following manner: They share income and losses in...
Clark and Dave are partners in the Company. following manner: They share income and losses in the (1) Each partner is to receive a salary of $75,000; (2) Each partner is to receive 5% interest on beginning capital balances; and (3) Any remainder profit/loss is to be split in a ratio of 6:4 (Clark/Dave). The partners withdraw an amount equal to their salary each year. On January 1, 2017, Clark's capital balance was $1,000,000 and Dave's was $900,000. Assuming each...
MUST SHOW WORK! Quan, Ray, Sen, and Tad are partners who share profits and losses 30%,...
MUST SHOW WORK! Quan, Ray, Sen, and Tad are partners who share profits and losses 30%, 20%, 35%, and 15%, respectively. The partnership will be liquidated gradually over several months beginning January 1, 2020. The partnership trial balance at December 31, 2019 is as follows: Credits Debits $ 3,000 10,000 25,000 4,000 15,000 18,000 10,000 Cash Accounts receivable Inventory Loan to Ray Furniture Equipment Goodwill Accounts payable Note payable Loan from Sen Quan, capital (30%) Ray, capital (20%) Sen, capital...
MUST SHOW WORKI Quan, Ray, Sen, and Tad are partners who share profits and losses 30%,...
MUST SHOW WORKI Quan, Ray, Sen, and Tad are partners who share profits and losses 30%, 20%, 35%, and 15%, respectively. The partnership will be liquidated gradually over several months beginning January 1, 2020. The partnership trial balance at December 31, 2019 is as follows: Debits Credits Cash $3,000 Accounts receivable 10,000 Inventory 25,000 Loan to Ray 4.000 Furniture 15,000 Equipment 18,000 Goodwill 10,000 Accounts payable $12,000 Note payable 30,000 Loan from Sen 6,000 Quan, capital (30%) I 12,000 Ray,...
Jao, Mikay and Gino are partners in a law firm. They share profits and losses in...
Jao, Mikay and Gino are partners in a law firm. They share profits and losses in 5:3:2 ratio. The partnership agreement provided for annual salaries of P400,000, P350,000 and P300,000, respectively, interest of 12% on their Jan.1 capital balances and any balance to be divided in the Profit/Loss ratio. The partners’ capital balances as of Jan.1, 2019 were Jao, P1,200,000; Mikay, P750,000 and Gino, P500,000. No additional investment was made during the year. Profit for 2019 was P1,600,000. Partners’ withdrawal...
PROBLEM 18 (18 pts.) Partners Conner, Tuitt, and Heyward share profits and losses in a 3:4:5...
PROBLEM 18 (18 pts.) Partners Conner, Tuitt, and Heyward share profits and losses in a 3:4:5 ratio, respectively. Their average capital balances for the quarter year were $50,000, $70,000, and $80,000, respectively. Conner and Heyward each receive a “salary” of $8,000 each quarter due to their years of experience in the field. All three partners receive 5% interest on their average capital balance. The net income for this quarter was $25,100. Prepare a schedule that shows the distribution of the...
2. Amold, Beverly, and Carolyn are partners who share profits and losses 40:40:20. respectively, after Beverly,...
2. Amold, Beverly, and Carolyn are partners who share profits and losses 40:40:20. respectively, after Beverly, who manages the partnership, receives a bonus of 10 percent of income, net of the bonus. Partnership income for the year is $198.000 Required: Prepare a schedule to allocate partnership income to Arnold, Beverly, and Carolyn. 3. The partnershin armour 3. The partnership agreement of Dan, Hen, and Bai provides that profits are to be divided as follows: • Bai receives a salary of...
Batman, Spiderman and Mr. Freeze are partners in the accounting firm of BSF-CPA They share profits...
Batman, Spiderman and Mr. Freeze are partners in the accounting firm of BSF-CPA They share profits and losses as follows: Spiderman Batman Mr. Freeze Partners receive 12% interest on their beginning of the year capital balance Mr. Freeze receives a $30,000 salary while Batman and Spiderman each receive $40,000 salaries All 3 take their salary in cash. In addition, Mr. Freeze takes $1000 out of the partnership each month to pay for his tanning-salon membership. At the beginning of 2017...
Jimmy, Johnny, and Joey are partners in the 3J Company sharing profits and losses equally. Joey...
Jimmy, Johnny, and Joey are partners in the 3J Company sharing profits and losses equally. Joey has decided to leave the partnership. After all accounts have been updated, the capital balances of the partners are currently $90,000, $120,000, and $70,000, respectively. Refer to Table 12 -8. Assume Joey takes $50,000 in cash and a promissory note for $20,000. The entry to record his withdrawal includes a: O A. O B. ° C. credit to Joey, Capital for $50,000 debit to...
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...
please show all calculations for the 2nd question Jordan, Pipen and Kerr are partners with capital...
please show all calculations for the 2nd question
Jordan, Pipen and Kerr are partners with capital balances of $75,000, $126,000, and *01,500, respectively on January 26, 2019. All nominal accounts have been adjusted and Closed as of January 26, 2019. The partners share profits and losses according to the Tollowing percentages: 35% for Jordan, 40% for Pipen and 25% for Kerr. On January 26, 2019, Rodman is to join the partnership upon contributing $67,500 in cash and some equipment with...
Clark and Dave are partners in the Company. following manner: They share income and losses in the (1) Each partner is to receive a salary of $75,000; (2) Each partner is to receive 5% interest on beginning capital balances; and (3) Any remainder profit/loss is to be split in a ratio of 6:4 (Clark/Dave). The partners withdraw an amount equal to their salary each year. On January 1, 2017, Clark's capital balance was $1,000,000 and Dave's was $900,000. Assuming each...
MUST SHOW WORK! Quan, Ray, Sen, and Tad are partners who share profits and losses 30%, 20%, 35%, and 15%, respectively. The partnership will be liquidated gradually over several months beginning January 1, 2020. The partnership trial balance at December 31, 2019 is as follows: Credits Debits $ 3,000 10,000 25,000 4,000 15,000 18,000 10,000 Cash Accounts receivable Inventory Loan to Ray Furniture Equipment Goodwill Accounts payable Note payable Loan from Sen Quan, capital (30%) Ray, capital (20%) Sen, capital...
MUST SHOW WORKI Quan, Ray, Sen, and Tad are partners who share profits and losses 30%, 20%, 35%, and 15%, respectively. The partnership will be liquidated gradually over several months beginning January 1, 2020. The partnership trial balance at December 31, 2019 is as follows: Debits Credits Cash $3,000 Accounts receivable 10,000 Inventory 25,000 Loan to Ray 4.000 Furniture 15,000 Equipment 18,000 Goodwill 10,000 Accounts payable $12,000 Note payable 30,000 Loan from Sen 6,000 Quan, capital (30%) I 12,000 Ray,...
2. Amold, Beverly, and Carolyn are partners who share profits and losses 40:40:20. respectively, after Beverly, who manages the partnership, receives a bonus of 10 percent of income, net of the bonus. Partnership income for the year is $198.000 Required: Prepare a schedule to allocate partnership income to Arnold, Beverly, and Carolyn. 3. The partnershin armour 3. The partnership agreement of Dan, Hen, and Bai provides that profits are to be divided as follows: • Bai receives a salary of...
Batman, Spiderman and Mr. Freeze are partners in the accounting firm of BSF-CPA They share profits and losses as follows: Spiderman Batman Mr. Freeze Partners receive 12% interest on their beginning of the year capital balance Mr. Freeze receives a $30,000 salary while Batman and Spiderman each receive $40,000 salaries All 3 take their salary in cash. In addition, Mr. Freeze takes $1000 out of the partnership each month to pay for his tanning-salon membership. At the beginning of 2017...
Jimmy, Johnny, and Joey are partners in the 3J Company sharing profits and losses equally. Joey has decided to leave the partnership. After all accounts have been updated, the capital balances of the partners are currently $90,000, $120,000, and $70,000, respectively. Refer to Table 12 -8. Assume Joey takes $50,000 in cash and a promissory note for $20,000. The entry to record his withdrawal includes a: O A. O B. ° C. credit to Joey, Capital for $50,000 debit to...
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...
please show all calculations for the 2nd question
Jordan, Pipen and Kerr are partners with capital balances of $75,000, $126,000, and *01,500, respectively on January 26, 2019. All nominal accounts have been adjusted and Closed as of January 26, 2019. The partners share profits and losses according to the Tollowing percentages: 35% for Jordan, 40% for Pipen and 25% for Kerr. On January 26, 2019, Rodman is to join the partnership upon contributing $67,500 in cash and some equipment with...
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