A and B formed a partnership, investing $240,000 and $80,000, respectively. year's net income of $200,000 Sharing ratio: 3:1 Distribute the net income of each?
Q: Selected transactions completed by Breezeway Construction during the current fiscal year are as…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: Record the emplovee salary expense, withholdings, and salaries pavable.
A: Particulars…
Q: QUESTION 34 Which of the following statements is true? O Indirect costs are allocated to cost…
A: Cost can be allocated on basis of two categories such as direct cost and indirect cost. Direct can…
Q: Warren Company has two divisions with the following results: Sales revenue Ashland $ 447,000 $…
A: Solution:- a)Calculation of return on investments as follows under:-
Q: Castform Microcircuit Manufacturing Inc uses direct labor cost (DLP) for its overhead rate. The…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: [The following information applies to the questions displayed below.] On January 1, the Matthews…
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…
Q: Company contains (2) production centers (A, B). and (2) services centers (Maintenance and Fuel), and…
A:
Q: Which is not a section of the cash budget? Opening Balance Cash disbursements…
A: The cash budget is used to estimate the cash received and cash disbursement in the coming months. It…
Q: or producers of pre-fabricated houses in the home building industry. The corporation consists of two…
A: The financial reporting system refers to the form of an accounting practice under which the…
Q: Comparison of Depreciation Methods P7.…
A: Depreciation is the decrease in the value of assets in the books of accounts of the company due to…
Q: Dawn Company purchased a machine on January 1, 2018 for P3,000,000. At the date of acquisition, the…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: 1. Which of the following formulas is used to calculate break-even units? 1. Fixed Costs + Unit…
A: The break even sales are the sales where business earns no profit no loss during the period.
Q: Enter the relevant costs of each alternative. Buy Drop Thickness Gauge and Make Lease and Make X…
A: Make cost is the cost to product the product internally. Buy cost is the cost to purchase the…
Q: 2020 2019 Net sales $4,800 $5,600 Cost of goods sold $3,888 $3,637 Net income $77 $147 Accounts…
A: As specific year calculation for Gross profit rate is missing in the question , so we are answering…
Q: discounted note will produce an effective rate which is different than the stated rate. Why does…
A: a discounted note is a short term financial products which allows the company two raise the cash…
Q: Determine the due date and the amount of interest due at maturity on the following notes: Date of…
A: Interest on Note = Face value X Rate of interest X Tenure in days/ 360 days
Q: What is a good capital structure? Are low debt ratios always favorable?
A: The capital structure of a corporation is the exact combination of debt and equity used to support…
Q: XYZ Company, which applies overhead on the basis of direct labor hours. Two direct labor hours are…
A: Fixed costs are costs that do not change with the change in the level of output. Budgeted…
Q: A home video entertainment set is offered for sale for $18,000 down payment and $1,800 every three…
A: GIVEN A home video entertainment set is offered for sale for $18,000 down payment and $1,800 every…
Q: Clark and Lana take a 30-year home mortgage of $125,000 at 7.6%, compounded monthly. They make their…
A: Loan Repayment Concept
Q: Question 1 Last year, GNI in a country was $250 billion. Producing this output led to $20 billion in…
A: In the context of the given question, we compute the sustainable net national income. The…
Q: 11. Which of the following is an appropriate journal entry for the initial recognition by a lessee…
A: A lease is an contractual agreement signed by lessor and lessee inorder to use the asset for a…
Q: Murphy's Paw produces and sells 1,000 units of a single product per year (with excess capacity of…
A: Additional operating income on taking the special order would be difference between the actual sales…
Q: A machine costing $76,695 with a 7-year life and $72,348 depreciable cost was purchased January 1.…
A: Depreciation refers to a decrease in value of asset over its useful life due to wear and tear and…
Q: When the company uses the ageing of receivables in providing allowance for bad debts, and the…
A: There are 2 methods for estimating bad debt expense: Percentage of sales method Percentage of…
Q: The entry to cancel the effects of the intercompany transactions in preparation of the Consolidated…
A: Introduction:- Financial transactions Between parent company and its subsidiaries are treated as…
Q: Millen Corporation is a merchandiser that is preparing a master budget for the month of July. The…
A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit…
Q: The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance…
A: The financial statements are prepared by the business entity to show the performance of the…
Q: QUESTION 47 Leaning Tower of Pizza, Inc. is preparing its master budget for its first year of…
A: when goods are sold on credit it is important to manage the credit policy in the best interest of…
Q: Sierra Company Adjusted Trial Balance December 31 Account Title Debit Credit Cash $ 33,000 Prepaid…
A: The financial statements are prepared by the business entity to show the performance of the…
Q: Shipping costs for fish that is ordered by the restaurant are a mixed cost with variable and fixed…
A: Formula: Variable cost per tons= (Highest activity cost - Lowest activity cost) / (Highest activity…
Q: ND 75% FOR ENDING INVENTORY.
A: Conversion cost refers to those costs involved in converting the direct material into finished…
Q: A fashion label is considering inclusive sizing which would expand its offerings to plus size and…
A: The break-even no. of pieces will be that number for which the NPV is nil. NPV is net present value.
Q: 1-Drop: Traditional versus Activity-Based Analysis Nutterco, Inc., produces two types of nut butter:…
A: Contribution margin takes into consideration variable expense only. Operating Income takes into…
Q: Fall Her from high school in 2021 and enrolls in college in the
A: AOTC is the tax credit to help pay for educational expenses paid for the…
Q: A product called Wallaby has revenue of $1,250,000, variable costs of goods sold of $850,000,…
A: If loss making product Wallaby is discontinued then the entire fixed cost will be allocated to other…
Q: EA21. Prepare journal entries to record the following transactions. A. July 1, issued common stock…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
Q: John Morse Corporation buys a van for $16,000. The estimated life of the van is four years. The…
A: Given information Cost of the van $16000 Useful life 4 years Residual value $4000 Sale value $8000…
Q: For 20Y2, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure…
A: The question is based on the concept of Financial Accounting.
Q: 5 points What amount should be recorded as depreciation for 2021? * On January 1, 2019, Brazilia…
A: there are different method used by different organisation for calculation of depreciations. So the…
Q: CORP uses job order costing system and the following information is given. The company has three…
A: The ending work in process includes the cost of jobs which are not completed or transferred and are…
Q: On October 31, the stockholders' equity section of Manolo Company's balance sheet consists of common…
A: The stockholders' equity section records the transactions that relates to the shareholders of the…
Q: Presented below is selected data from the financial statements of Trend, Inc. for the current and…
A: For the year 20x1 Current ratio Current assets / Current Liabilities $220,000 / $180,000 1.22 times…
Q: ue. The cash flows that would be produced by the machine are (Ignore income taxes): Net Cash…
A: Payback period is the period within which the initial investment is recovered . It is the time taken…
Q: starting a business, is it okay to start with having debt during the early stages? What dictates the
A: Answer A company needs a financial capital to operate its business. For that many companies,…
Q: Which is not true in lean manufacturing? a) Process flexibility results in market responsiveness b)…
A: Lean manufacturing is a system that enhances customer value and always strives towards improvement…
Q: Use the following information to calculate Honest Tea, Inc.'s Cost of Goods Sold for the year. Note:…
A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…
Q: 3,300 1,500 Cost of sales (1,890) (900) Gross profit 1,410 600 Administrative expenses…
A: Non-controlling interest refers to the title right situation when the shareholder contains less than…
Q: On 2 January 2019, Johnston Ltd purchased a machine with a list price of $234 300 and credit terms…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: 7. Keep-or-Drop: Traditional Versus Activity-Based Analysis Nutterco, Inc., produces two types of…
A: Contribution margin takes into consideration the variable expenses of the product. Operating Income…
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Step by step
Solved in 2 steps
- The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.2. The partnership of David White and Paul Wacker incurred net income of $40,000 for the current year. David had invested $30,000 and Paul had invested $45,000. Calculate he distribution share to each partner if profits are divided in the ratio of:a. Investmentsb. 3:1A and B formed a partnership, investing $340,000 and $180,000, respectively. year's net income of $600,000 Sharing ratio: 4:1 Distribute the net income of each?
- 22. Trixie and Uriah formed a partnership. Net income at year-end amount to P 100,000. They decided to divide profit based on average capital. Below are the capital balances of Trixie and Uriah for different periods in the year. Trixie Uriah January 1 150,000 120,000 April 1 180,000 September 1 150, 000 December 31 120,000 130,000 How much is Trixie's share in the net income of the partnership? a. P 42,975 b. P 51,923 c. P 57,025 d. P 48,077. A and B share equally in partnership profits and losses. During the year, A's capital account has a net increase of P50,000. Partner A made contributions of P10,000 and capital withdrawals of P60,000 during the year. How much was the partnership profit for the year? a. 180,000 b. 200,000 c. 210,000 d. 480,000Adriana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: 1. Annual salary allowance to Gonzalez of $25,000. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne? Gonzalez: $ Van Horne:
- Answer the following three questions. Paul and Roger are partners who share income in the ratio of 3:2 (3/5 to Paul and 2/5 to Roger). Their capital balances are $90,000 and $130,000, respectively. The partnership generated net income of $50,000 for the year. What is Paul’s capital balance after closing the revenue and expense accounts to the capital accounts? a.$108,000 b.$115,000 c.$180,000 d.$120,000 Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell devotes one-half time to the business. Determine the division of $150,000 of net income in the ratio of capital balances. a.$75,000 and $75,000 b.$37,500 and $112,500 c.$100,000 and $50,000 d.$50,000 and $100,000 Douglas pays Selena $42,600 for her 27% interest in a partnership with net assets of $126,700. Following this transaction, Douglas's capital account should have a credit balance of a.$126,700 b.$11,502 c.$42,600 d.$34,209Adriana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: Annual salary allowance to Gonzalez of $25,000. Interest of 5% on each partner’s capital balance on January 1. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne?Gonzalez: $fill in the blank 1Van Horne: $fill in the blank 2Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Emerson of $34,000 2. Interest of 10% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emerson and Dakota had $34,000 and $142,000, respectively, in their January 1 capital balances. Net income for the year was $230,800. How much net income should be distributed to Dakota?
- Emerson and Dakota formed a partnership dividing income as follows: 1. Annual salary allowance to Emerson of $40,000 2. Interest of 10% on each partner's capital balance on January 1 3. Any remaining net income divided equally. Emerson and Dakota had $22,800 and $128,400, respectively, in their January 1 capital balances. Net income for the year was $233,600. How much net income should be distributed to Dakota? Previous Next 3:24 PM 局 12/14/2021 53°F Sunny A aThe following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: Cash $ 50,000 Liabilities $ 42,000 Other assets 150,000 Miller, capital 69,000 Tyson, capital 69,000 Watson, capital 20,000 Total assets $ 200,000 Total liabilities and capital $ 200,000 b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?driana Gonzalez and Sylvester Van Horne formed a partnership, dividing income as follows: Annual salary allowance to Gonzalez of $25,000. Interest of 5% on each partner’s capital balance on January 1. Any remaining net income divided to Gonzalez and Van Horne, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne?Gonzalez: $fill in the blank 1Van Horne: $fill in the blank 2 I got this question wrong for Gonzalez I put 49500 and Van home 24750 wrong.