Homework Answers
Part A
|
No. |
Date |
Account titles and explanation |
Debit |
Credit |
|
1 |
Jan.1 |
Cash |
65000 |
|
|
M. Stavros, capital |
6000 |
|||
|
G. Metaxas, capital |
4000 |
|||
|
I. Xanthos, capital |
75000 |
|||
|
2 |
Jan. 1 |
Cash |
95000 |
|
|
M. Stavros, capital |
6000 |
|||
|
G. Metaxas, capital |
4000 |
|||
|
I. Xanthos, capital |
85000 |
Alternative 1
Total capital balance = 96000+64000+65000 = $225000
Xanthos’s share = 331/3% * 225000 = $75000
Bonus to Xanthos = 75000-65000= 10000
It is paid by M. Stavros and G. Metaxas in ratio of 3:2
Alternative 2
Total capital balance = 96000+64000+95000 = $255000
Xanthos’s share = 331/3% * 255000 = $85000
Goodwill by Xanthos = 75000-65000= 10000
It is distributed to M. Stavros and G. Metaxas in ratio of 3:2
Part 2
|
M. Stavros |
G. Metaxas |
I. Xanthos |
Total capital |
|
|
Alternative 1 |
||||
|
Beginning balance |
$96000 |
$64000 |
$160000 |
|
|
Ending balance |
$90000 |
$60000 |
$75000 |
$225000 |
|
Alternative 2 |
||||
|
Beginning balance |
$96000 |
$64000 |
$160000 |
|
|
Ending balance |
$102000 |
$68000 |
$85000 |
$255000 |
Add Answer to:
Current Attempt in Progress Cullumber Oil Imports is a partnership owned by Magda Stavros and Giannis...
Current Attempt in Progress Below is an alphabetical listing of the accounts in the general ledger...
Current Attempt in Progress Below is an alphabetical listing of the accounts in the general ledger of the Kant-Adder accounting firm at the 2021. Adjusting entries for the year have been posted and included in these balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Depreciation expense Equipment I. Kant, capital I. Kant, drawings Interest expense $12,500 61,000 12,000 14,000 8,000 42,000 30,000 90,000 5,000 Notes payable Rent expense Salaries expense Salaries payable Service revenue Supplies Supplies expense U. Adder, capital...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $41,400, $58,800, and $26,100, respectively. Cash, noncash assets, and liabilities total $67,200, $108,900, and $49,800, respectively. Between July 1 and July 29, the noncash assets are sold for $87,300, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1...
Accounting for Partnerships 1) Shawn. Dan and Mitchell start Cable Source partnership on January 1" Shawn...
Accounting for Partnerships 1) Shawn. Dan and Mitchell start Cable Source partnership on January 1" Shawn invests $30000 cash and $10000 of Equipment. Dan and Mitch invest 20000, and $10,000 cash respectively. Income is distribution based on each Owners % proportion of capital. Show the journal entry's) 2) On January 30 Shawn sells half of his partnership interest to Phil for $25,000 cash. Show the entry (s). 3) On April 30" Dan withdraws from the partnership and receives $26,000. Income...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $30,300, $43,200, and $19,200, respectively. Cash, noncash assets, and liabilities total $50,100, $80,100, and $37,500, respectively. Between July 1 and July 29, the noncash assets are sold for $63,900, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $39,600, $56,100, and $24,900, respectively. Cash, noncash assets, and liabilities total $59,400, $104,100, and $42,900, respectively. Between July 1 and July 29, the noncash assets are sold for $83,100, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $23,700, $33,600, and $15,000, respectively. Cash, noncash assets, and liabilities total $36,000, $62,400, and $26,100, respectively. Between July 1 and July 29, the noncash assets are sold for $49,800, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,000, $51,000, and $22,800, respectively. Cash, noncash assets, and liabilities total $57,300, $94,500, and $42,000, respectively. Between July 1 and July 29, the noncash assets are sold for $75,300, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $27,900, $39,600, and $17,700, respectively. Cash, noncash assets, and liabilitles total $43,500, $73,500, and $31,800, respectively. Between July 1 and July 29, the noncash assets are sold for $58,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $38,400, $54,900, and $24,300, respectively. Cash, noncash assets, and liabilities total $60,000, $101,400, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $81,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Current Attempt in Progress Below is an alphabetical listing of the accounts in the general ledger of the Kant-Adder accounting firm at the 2021. Adjusting entries for the year have been posted and included in these balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Depreciation expense Equipment I. Kant, capital I. Kant, drawings Interest expense $12,500 61,000 12,000 14,000 8,000 42,000 30,000 90,000 5,000 Notes payable Rent expense Salaries expense Salaries payable Service revenue Supplies Supplies expense U. Adder, capital...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $41,400, $58,800, and $26,100, respectively. Cash, noncash assets, and liabilities total $67,200, $108,900, and $49,800, respectively. Between July 1 and July 29, the noncash assets are sold for $87,300, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1...
Accounting for Partnerships 1) Shawn. Dan and Mitchell start Cable Source partnership on January 1" Shawn invests $30000 cash and $10000 of Equipment. Dan and Mitch invest 20000, and $10,000 cash respectively. Income is distribution based on each Owners % proportion of capital. Show the journal entry's) 2) On January 30 Shawn sells half of his partnership interest to Phil for $25,000 cash. Show the entry (s). 3) On April 30" Dan withdraws from the partnership and receives $26,000. Income...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $27,900, $39,600, and $17,700, respectively. Cash, noncash assets, and liabilitles total $43,500, $73,500, and $31,800, respectively. Between July 1 and July 29, the noncash assets are sold for $58,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $38,400, $54,900, and $24,300, respectively. Cash, noncash assets, and liabilities total $60,000, $101,400, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $81,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Most questions answered within 3 hours.
-
find dB IL for a sound with the intensity of 3x10^-13 w/sq meter
with a reference...
asked 6 minutes ago -
A
700 kg car is coasting along a level road, slowing down at an
acceleration of...
asked 5 minutes ago -
Case 7-3: Wentworth Hospital Discussion Questions: essay
paragraph
Is there anything irregular here?
What is your...
asked 8 minutes ago -
1- A) How many milliliters of 0.100 M NaOH are needed to
neutralize 50.00 mL of...
asked 26 minutes ago -
It is determined that a reaction is 1st order in [BrO3-], 1st
order in [Br-] and...
asked 27 minutes ago -
Write a JavaScript program to implement the Least-Squares Linear
Regression algorithm shown below, for an arbitrary...
asked 38 minutes ago -
Determine the solubility of Cadmium in equilibrium with Cadmium
hydroxide, Cd(OH)2, as a function of pH....
asked 42 minutes ago -
When 34.2 grams of strontium reacts with excess molecular
oxygen, how many grams of the product...
asked 52 minutes ago -
nformation related to the Berkley Company for the calendar year
2015 follows:
Liabilities, December 31, 2015...
asked 44 minutes ago -
Please help!
A voltaic cell consists of a Mn/Mn2+ anode (E°= -1.18 V) and a
Fe/Fe2+...
asked 1 hour ago -
If the consumer price index was 166.6 in 2017 and 167.0 in 2016,
calculate the annual...
asked 56 minutes ago -
Marvin Williams is a 53-year-old farmer. He, along with the
other members of his family, operates...
asked 57 minutes ago