Homework Answers
Answer:
3. (A) Journal entry to close the income summary on December 31
| Date | Particulars | Debit | Credit |
| December 31 | Net Income | $ 523,500 | |
|
Mo Meek Capital |
$ 131,150 | ||
|
Lu Ling Capital |
$ 170,430 | ||
|
Barb Beck Capital |
$ 221,920 |
3. (B) Journal entry to record the withdrawals by partners
| Date | Particulars | Debit | Credit |
| December 31 | Mo Meek Capital | $ 42,400 | |
| Lu Ling Capital | $ 56,400 | ||
| Barb Beck Capital | $ 72,400 | ||
|
Drawings - Mo Meek |
$ 42,400 | ||
|
Drawings - Lu Ling |
$ 56,400 | ||
|
Drawings - Barb Beck |
$ 72,400 |
Working Notes -
The Net income shared by partners if Plan (c) is adopted:
| Mo | Lu | Barb | Total | |
| Net Income | $523,500 | |||
| Salary | $ 85,600 | $ 64,200 | $ 97,000 | (246,800) |
| Balance of income | 276,700 | |||
| Interest allowed | 8,010 | 31,150 | 49,840 | (89,000) |
| Balance of income | 187,700 | |||
| Balance allocated in 2:4:4 | 37,540 | 75,080 | 75,080 | (187,700) |
| Balance of income | - | |||
| Share of Partner's | $131,150 | $170,430 | $221,920 | $523,500 |
Problem 12-44 416 agree to use plan(c) and net income i $523,500.
Problem 12-44 416 agree to use plan(c) and net income i $523,500.
No need to explain, please I beg just solve everything, would be greatly appreciated (thumbs up)!...
No need to explain, please I beg just solve
everything, would be greatly appreciated (thumbs up)!
:)
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $80,100, $311,500, and $498,400, respectively They predict annual partnership net income of $523,500 and are considering the following alternative plans of sharing income and loss: (a)...
9 Problem 12-4A The tolowing informeon apples to the quessons dsovayed below 416 making capital contiburions...
9 Problem 12-4A The tolowing informeon apples to the quessons dsovayed below 416 making capital contiburions of s80100, 5311,500, and plans of το uu and Sg7000 to Barb, merest allowances onos on the r iitis capita investments; and the balance shared as folows: 20% to M), 40% to L a and 40s to Barb 1. Use the table to show how t considered. (Do not round o distroute net income or $523,500 for the calendar year under each of the...
Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries P2e Mo Meek, Lu...
Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries P2e Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $67,500, $262,500, and $420,000, respectively. They predict annual partnership net income of $450,000 and are considering the following alternative plans of sharing income and loss: (a) equally: (b) in the ratio of their initial capital investments; or (e) salary allowances of $80,000 to Mo, $60,000 to Lu, and $90,000 to Barb;...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (C) salary allowances of $87,600 to...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (C) salary allowances of $87,600 to...
I need help with this problem Please. The options are "Agree" , "Disagree" and "Neither Agree...
I need help with this problem Please. The options are "Agree" ,
"Disagree" and "Neither Agree nor Disagree"
Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following...
Problem 12-4A Partnership income allocation, statement of
partners' equity, and closing entries LO P2
[The following information applies to the questions
displayed below.]
Mo, Lu, and Barb formed the MLB Partnership by making investments
of $84,600, $329,000, and $526,400, respectively. They predict
annual partnership net income of $550,500 and are considering the
following alternative plans of sharing income and loss:
(a) equally; (b) in the ratio of their initial
capital investments; or (c) salary allowances of $87,600
to Mo, $65,700...
They predict annual partnership net income of $508,500 and are considering the following alternative plans of sha...
They predict annual partnership net income of $508,500 and are considering the following alternative plans of sharing income and loss equally in the ratio of the initial capital investments or salary allowances of $84,400 to Mo, $63,300 to Lu, and $95,500 to Barb, interest allowances of 10% on their initial capital investments, and the remaining balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. 3. Prepare the December 31 journal entry to close Income Summary...
12-44 Financial Ratios (Alternate is 12-46.) This problem uses the same data as problem 12-43, but...
12-44 Financial Ratios (Alternate is 12-46.) This problem uses the same data as problem 12-43, but it can be solved independently. Price-Break and Low-Cost are both discount store chains. Condensed income statements and balance sheets for the two companies are shown in Exhibit 12-13. Amounts are in thousands. Additional information follows: Cash dividends per share: Price-Break, $2.10; Low-Cost, $1.50 Mprice per share: Price-Break, $50; Low-Cost, $35 Average shares outstanding for 20X9: Price-Break, 15 million; Low-Cost, 8 million Compute the following...
Problem 12-44 416 agree to use plan(c) and net income i $523,500.
No need to explain, please I beg just solve
everything, would be greatly appreciated (thumbs up)!
:)
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $80,100, $311,500, and $498,400, respectively They predict annual partnership net income of $523,500 and are considering the following alternative plans of sharing income and loss: (a)...
9 Problem 12-4A The tolowing informeon apples to the quessons dsovayed below 416 making capital contiburions of s80100, 5311,500, and plans of το uu and Sg7000 to Barb, merest allowances onos on the r iitis capita investments; and the balance shared as folows: 20% to M), 40% to L a and 40s to Barb 1. Use the table to show how t considered. (Do not round o distroute net income or $523,500 for the calendar year under each of the...
Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries P2e Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by making capital contributions of $67,500, $262,500, and $420,000, respectively. They predict annual partnership net income of $450,000 and are considering the following alternative plans of sharing income and loss: (a) equally: (b) in the ratio of their initial capital investments; or (e) salary allowances of $80,000 to Mo, $60,000 to Lu, and $90,000 to Barb;...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (C) salary allowances of $87,600 to...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (C) salary allowances of $87,600 to...
I need help with this problem Please. The options are "Agree" ,
"Disagree" and "Neither Agree nor Disagree"
Problem 12-4A Partnership income allocation, statement of
partners' equity, and closing entries LO P2
[The following information applies to the questions
displayed below.]
Mo, Lu, and Barb formed the MLB Partnership by making investments
of $84,600, $329,000, and $526,400, respectively. They predict
annual partnership net income of $550,500 and are considering the
following alternative plans of sharing income and loss:
(a) equally; (b) in the ratio of their initial
capital investments; or (c) salary allowances of $87,600
to Mo, $65,700...
They predict annual partnership net income of $508,500 and are considering the following alternative plans of sharing income and loss equally in the ratio of the initial capital investments or salary allowances of $84,400 to Mo, $63,300 to Lu, and $95,500 to Barb, interest allowances of 10% on their initial capital investments, and the remaining balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. 3. Prepare the December 31 journal entry to close Income Summary...
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