Date | Account Titles | Debit | Credit |
2022 | Lau, Withdrawls | $ 6,700 | |
Summary | Min, Withdrawls | $ 8,700 | |
Cash | $ 15,400 |
If you have any query, kindly comment with your query
please solve it The partnership of Lau & Min started the fiscal year on January 1,...
On March 1, Eckert and Kelley formed a partnership. Eckert contributed $83,000 cash, and Kelley contributed land valued at $66,400 and a building valued at $96,400. The partnership also took Kelley’s $73,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $29,000, both get an annual interest allowance of 10% of their initial capital investment, and any remaining income or loss is shared equally. On...
Julie Harris, William Gosse, and Regina Ryan started a partnership to provide mobile tax services. The partners’ capital account at the beginning of 2021 was Harris, $ 120,000; Gosse, $ 180,000; and Ryan, $ 90,000. The partnership agreement states that the partners will share profit equally. On December 31, 2021, the partnership reported a loss of $ 21,000 for the year. During the year, Harris withdrew $ 80,000 and Gosse withdrew $ 140,000. Ryan did not make any withdrawals. On...
On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash and Kelley contributed land valued at $60,000 and a building valued at $100,000. The partnership also assumed responsibility for Kelley's $92,500 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $25,000, both are to receive an annual interest allowance of 10% of their beginning-year capital investment, and any remaining...
On March 1, Eckert and Kelley formed a partnership. Eckert contributed $93,000 cash, and Kelley contributed land valued at $74,400 and a building valued at $104,400. The partnership also took Kelley’s $83,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $30,500, both get an annual interest allowance of 10% of their initial capital investment, and any remaining income or loss is shared equally. On...
On March 1, Eckert and Kelley formed a partnership. Eckert contributed $92,000 cash, and Kelley contributed land valued at $73,600 and a building valued at $103,600. The partnership also took Kelley’s $82,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $32,000, both get an annual interest allowance of 9% of their initial capital investment, and any remaining income or loss is shared equally. On...
Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1, 2045, with contributions from two partners as follows: Dennis Overton $180,000 120,000 Ben Testerman The following additional partner transactions took place during the year: 1. In early January, Randy Campbell is admitted to the partnership by contributing $75,000 cash for a 20% interest. 2. Net Income of $150,000 was earned in 20Y5. In addition, Dennis Overton received a salary allowance of $40,000 for...
Exercise 15-2
Tom and Julie formed a management consulting partnership on January
1, 2016. The fair value of the net assets invested by each partner
follows:
Tom
Julie
Cash
$14,300
$12,500
Accounts receivable
7,600
5,400
Office supplies
1,900
900
Office equipment
29,400
—
Land
—
30,400
Accounts payable
1,900
5,300
Mortgage payable
—
19,900
During the year, Tom withdrew $14,000 and Julie withdrew $12,600 in
anticipation of operating profits. Net profit for 2016 was $53,200,
which is to be allocated...
pls show calculation tx
On January 1, 2021, the capital balances in Pharoah Partnership are as follows: Zaya Gable $27.000 Matthew Smith $20.160 Neither partner had any drawings in 2021. Your answer is correct. Prepare the closing entry to allocate the partnership profit if in 2021, the partnership reports profit of $75,600. There is no partnership agreement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Debit Credit 75600 Date Account Titles and Explanation...
Help Save & On March 1. Eckert and Kelley formed a partnership. Eckert contributed $74,000 cash, and Kelley contributed land valued at $59.200 and a building valued at $89.200. The partnership also took Kelley's $64,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $30,500 both aet an annual Interest allowance of 11% of their initial capital investment, and any remaining income or loss is...
Exercise 15-2 Tom and Julie formed a management consulting partnership on January 1, 2016. The fair value of the net assets invested by each partner follows: Tom $13,300 7,700 1,900 32,000 Julie $11,600 6,600 900 Cash Accounts receivable Office supplies Office equipment Land Accounts payable Mortgage payable 2,100 30,500 5,200 17,500 During the year, Tom withdrew $15,500 and Julle withdrew $12,900 in anticipation of operating profits. Net profit for 2016 was $52,600, which is to be allocated based on the...