Homework Answers
Answer: 1st option
It is equal to “paid in capital”.
Partnership capital indicates amounts of capital invested, drawings, and sharings of each partner involved in the business.
Paid is capital is the amount invested by shareholders on corporate shares.
Therefore, both these become the same as they indicate owner’s account.
Add Answer to:
Question 5 (6 points) A partnership capital account is similar to which of the following corporate...
How is the capital account balance of a new partner determined? The partnership receives the contribution...
How is the capital account balance of a new partner determined? The partnership receives the contribution from new partner. The partnership determines the amount of contribution retained by current partners. The partnership determines the amount of bonus paid to current partners or new partner. all of the above
Question 4 3.5 pts Which of the following accounts would be classified as a nominal account...
Question 4 3.5 pts Which of the following accounts would be classified as a nominal account and have a normal balance of a debit? retained earnings patent salaries payable service revenue dividends more than one of the above is correct none of the above choices are correct Question 5 6 pts
68. Which of the following statements is false? Partners may contribute additional capital to the partnership...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
Question 1 (7.7 points) Which of the following accounts will be closed to the Retained Earnings...
Question 1 (7.7 points) Which of the following accounts will be closed to the Retained Earnings account at the end of the fiscal year? OA) Rent Expense OB) Fees Earned C) Depreciation Expense OD) All of the above
Ch 13 HWB Comprehensive Prob 75 pts Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures...
Ch 13 HWB Comprehensive Prob 75 pts Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows: 0.000 Common Stock, $10 stated value (350,000 shares authorized, 240,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock 50,000 > Retained Earnings 5.450.000 Treasury Stock (24,000 shares, at cost) The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of...
In. Foley Corporation has the following capital sin Ollowing capital structure at the beginning of the year: $ 300,000...
In. Foley Corporation has the following capital sin Ollowing capital structure at the beginning of the year: $ 300,000 5% Preferred stock, $50 par erred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding common stock, $10 par value. 60.000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity 400,000 110,000 810,000 440,000 $1,250,000 Instructions (a) Record the following transactions which occurred consecutively (show all...
- Calculator Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity...
- Calculator Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2015, are as follows: Common Stock, $10 stated value (800,000 shares authorized, 520,000 shares issued) $5,200,000 Paid-In Capital in Excess of Stated Value-Common Stock 1,000,000 Retained Earnings 11,800,000 Treasury Stock (52,000 shares, at cost) 728,000 The following selected transactions occurred during the year Jan. 22. Paid cash dividends of $0.13 per share on the...
QUESTION 11 A partnership capital account is opened for each partner to: a) Keep track of...
QUESTION 11 A partnership capital account is opened for each partner to: a) Keep track of the partners share of profits b) Keep track of the partners original and subsequent contributions c) Keep track of the partners drawing from the partnership d) All of the options avialable QUESTION 12 Which of the following statements is NOT true in regards to partnerships? a) Partners are not easily able to limit their liability b) Partnerships pay a company tax rate of 30%....
eBook Calculator Print Item Entries for Selected Corporate Transactions Entries for Selected Corporate Transactions Morrow Enterprises...
eBook Calculator Print Item Entries for Selected Corporate Transactions Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows Common Stock, $10 stated value (800,000 shares authorized, 520,000 shares issued) Pald-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (52,000 shares, at cost) $5,200,000 1,000,000 11,800,000 780,000 The following selected transactions occurred during the year: Jan. 22. Paid cash...
Question 2 Presented below are changes in all the account balances of Nash Furniture Co. during...
Question 2 Presented below are changes in all the account balances of Nash Furniture Co. during the current year, except for retained earnings. Increase Increase (Decrease) (Decrease) Cash $69,040 Accounts Payable $(51.520 Accounts Receivable (net) 47,400 Bonds Payable 82,870 Inventory 130,000 Common Stock 129,700 Investments (48.170) Paid-In Capital in Excess of Par-Common Stock 14,990 Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend...
Question 4 3.5 pts Which of the following accounts would be classified as a nominal account and have a normal balance of a debit? retained earnings patent salaries payable service revenue dividends more than one of the above is correct none of the above choices are correct Question 5 6 pts
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
Question 1 (7.7 points) Which of the following accounts will be closed to the Retained Earnings account at the end of the fiscal year? OA) Rent Expense OB) Fees Earned C) Depreciation Expense OD) All of the above
Ch 13 HWB Comprehensive Prob 75 pts Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows: 0.000 Common Stock, $10 stated value (350,000 shares authorized, 240,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock 50,000 > Retained Earnings 5.450.000 Treasury Stock (24,000 shares, at cost) The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of...
In. Foley Corporation has the following capital sin Ollowing capital structure at the beginning of the year: $ 300,000 5% Preferred stock, $50 par erred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding common stock, $10 par value. 60.000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par Total paid-in capital Retained earnings Total stockholders' equity 400,000 110,000 810,000 440,000 $1,250,000 Instructions (a) Record the following transactions which occurred consecutively (show all...
- Calculator Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2015, are as follows: Common Stock, $10 stated value (800,000 shares authorized, 520,000 shares issued) $5,200,000 Paid-In Capital in Excess of Stated Value-Common Stock 1,000,000 Retained Earnings 11,800,000 Treasury Stock (52,000 shares, at cost) 728,000 The following selected transactions occurred during the year Jan. 22. Paid cash dividends of $0.13 per share on the...
eBook Calculator Print Item Entries for Selected Corporate Transactions Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows Common Stock, $10 stated value (800,000 shares authorized, 520,000 shares issued) Pald-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (52,000 shares, at cost) $5,200,000 1,000,000 11,800,000 780,000 The following selected transactions occurred during the year: Jan. 22. Paid cash...
Question 2 Presented below are changes in all the account balances of Nash Furniture Co. during the current year, except for retained earnings. Increase Increase (Decrease) (Decrease) Cash $69,040 Accounts Payable $(51.520 Accounts Receivable (net) 47,400 Bonds Payable 82,870 Inventory 130,000 Common Stock 129,700 Investments (48.170) Paid-In Capital in Excess of Par-Common Stock 14,990 Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend...
Most questions answered within 3 hours.
-
we discussed a number of factors in the "General (remote)
Environment" that can affect the...
asked 16 minutes ago -
Using the IS-PC-MR model, describe how the economy responds to
an inflation shock in the following...
asked 16 minutes ago -
Ammonium nitrate has been used as a high explosive because it is
unstable and decomposes into...
asked 21 minutes ago -
How long would it take a car with a top speed of 203 mph to travel...
asked 19 minutes ago -
9) What are the two different ways in which a user can interact
(interface/work) with UNIX?...
asked 24 minutes ago -
Exercise 2.5. Use the Binomial Theorem to prove that, for all n
≥ 0 and for...
asked 40 minutes ago -
The teachers at Bryan ISD want to examine if a newly developed
intervention program for disadvantaged...
asked 45 minutes ago -
Describe the
characteristics of small business.
- Name the most
common causes of small business failure....
asked 48 minutes ago -
A pendulum is made up of a small sphere of mass 0.500 kg
attached to a...
asked 1 hour ago -
Given a pn junction with both thin p-type and n-type materials
such that Wn and Wp...
asked 1 hour ago -
it was discussed that animals should be treated the same as
humans, that pain is pain,...
asked 1 hour ago -
The vapor pressure of water at 20°C is 17.54 torr. Calculate the
vapor pressure (in torr)...
asked 1 hour ago