Fecta, a partnership, had revenues of $378,000 in its first year of operations. The partnership has not collected on $45,800 of its sales and still owes $38.300 on $250,000 of merchandise it purchased. There was no entory on hand at the end of the year. The partnership paid $28,300 in salaries. The partners invested $47,000 in the business and $26,000 was borrowed on a five-year note. The partnership paid $2.340 in interest at was the amount owed for the year and paid $8,800 for a two-year insurance policy on the first day of business. Ignore income taxes. mmpute the cash balance at the end of the first year for Tri Fecta. Multiple Choice O о $165,960 $161,560 ○ $154,060 $158,460
Q: Glitter Enterprises started the period with 70 units in beginning inventory that cost $2.30 each.…
A: Under the LIFO cost flow method, the most recent purchase of inventory is taken into consideration…
Q: Green Corporation reports the following components of stockholders' equity on January 1. Common…
A: Stockholders’ equity indicates the statement forms part of the financial statement which reflects…
Q: In 2018, PepsiCo, Inc. acquired SodaStream, a sparkling water maker, for $3,343 million in cash. At…
A: The merger is the process of combining two in one, it means two existing companies come together to…
Q: Question 4: Activity Based Costing (ABC) The Gadget Co produces three products, A, B and C, all made…
A: Absorption costing refers to the method of costing that includes all the costs related to the…
Q: Sheridan Ltd. entered into a lease on June 1, 2023. The lease term is six years and requires annual…
A: The objective of this question is to calculate the capitalized amount of the right-of-use asset…
Q: The entry to record a gain on the increase in value of land would include which of the following?…
A: Under GAAP, land is considered a non-depreciable asset held at historical cost. Changes in fair…
Q: Brown Corp sponsors a defined benefit pension plan for its employees. On Jan 1, 2021, the following…
A: The objective of the question is to calculate the pension expense that Brown Corp should debit in…
Q: - ! Required information Exercise 11-23 (Algo) Change in estimate; useful life and residual value of…
A: Depreciation is the decrement in the value of tangible assets by the wear and tear during the…
Q: Purchases Sales Units Unit Cost Units Unit Price June 4 2 $232 18 5 $112 30 6 257 July 5 5 117 12 3…
A: InventoryThe raw material used for the production of goods and the goods that are available for sale…
Q: Draw the flow chart for the following - manual based(NOTE: add files, data store and departments…
A: To illustrate the manual-based process described, I will create a flowchart including departments,…
Q: Alyssum, Inc., a merchandising company, has provided the following extracts from their budget for…
A: The cash budget is part of the master budget and it shows estimated; cash inflow and cash outflow…
Q: Copr Goedl 2022 Sheba Industries reported the following budgeted sales in units for the first…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: You find the following Treasury bond quotes. To calculate the number of years until maturity, assume…
A: Yield to MaturityYield to Maturity (YTM) is a measure used to evaluate the potential return of a…
Q: On September 8, a company provides services on account to a customer for $2,900, terms 5/10, n/30.…
A: Journal entries are used to record the financial transactions in the books of accounts. It is the…
Q: Exercise 5-11 (Algo) Missing Data; Basic CVP Concepts [LO5-1, LO5-9] Fill in the missing amounts in…
A: Solution:-ParticularsCase #1Case #2Case #3Case #4Unit…
Q: Exercise 19-18 (LO. 2) At the time of his death in 2022, Donald owned a farm (a qualified, closely…
A: A special use valuation method comes under section 2032A A, which explains that real property is to…
Q: Asset Cost Date Placed in Service Office furniture Machinery Used delivery truck" $ 230,000…
A: Depreciation deduction:The depreciation expense is allowed as a deduction in the calculation of…
Q: John Peter is aware that there is no Capital Gains tax in Jamaica. He decided to buy a large piece…
A: Gain:In accounting, gain refers to the amount when the market value of the asset is greater than the…
Q: Suspect Company Issued $1,170,000 of 8 percent first mortgage bonds on January 1, 20X1, at 104. The…
A: Corporate Bonds -Corporate bonds are obligations that corporations issue to both public and private…
Q: August 1 Inventory on hand-2,700 units; cost $6.80 each. August 8 Purchased 13,500 units for $6.20…
A: The cost of goods sold includes the cost of units that are sold during the period. The ending…
Q: Required: Determine the cost of the ending inventory that Reddall should report on its December 31…
A: The inventory that is sold or distributed and that has been purchased as finished goods or requires…
Q: Rex and Felix are the sole shareholders of Dogs and Cats Corporation (DCC). After several years of…
A: Accrual accounting is a method of accounting where the revenues generated and expenses incurred are…
Q: Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: Income tax is the tax levied by the government on income earned by individuals and businesses for a…
Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…
A: The objective of the question is to calculate the ending inventory and cost of goods sold (COGS) for…
Q: Common Shares versus Preferred Shares Corporations issue two general types of shares—common and…
A: The objective of the question is to understand the major differences between common and preferred…
Q: a. Prepare a differential analysis report for the lease or sell decision. INMAN INDUSTRIES Proposal…
A: Differential analysis involves comparing the costs and benefits of alternative courses of action to…
Q: Douglas McDonald Company’s balance sheet included the following shareholders’ equity accounts at…
A: The objective of the question is to calculate the value of shares issued and prepare the appropriate…
Q: Jordan opens her own custom sign business where she sells a sign for $80 a piece. She has been able…
A: Lets understand the basics.Explicit costs are out of pocket costs which incurred in cash. It…
Q: Which of the following is not one of the nine features of an internal control system? Multiple…
A: Internal control refers to systems and procedures implemented within an organization to safeguard…
Q: Assume the following information: Milling Department Beginning work in process inventory. Units…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: If the food cost of a serving of pasta is $4.16, and a 35% food cost percent is desired, what should…
A: Food Cost Percentage refers to the measure used by a restaurant to evaluate the total revenue spent…
Q: 4. On July 1, 2024, Howe Co. issued 300 of its 10%, $1000 face value bonds at 99 plus accrued…
A: A bond payable is a type of debt instrument issued by a borrower, typically a corporation,…
Q: If Karen filed her taxes on time but didn't pay her due amount till 135 days late, what would her…
A: Taxation -The act of levying taxes is referred to as "taxation." Tax revenues, or money collected…
Q: i need the answer quickly
A: Straight-line depreciation evenly spreads the cost of an asset over its useful life, subtracting its…
Q: Lynch Company manufactures and sells a single product. The following costs were incurred during the…
A: The contribution margin is calculated as the difference between sales and variable costs. The gross…
Q: i need the answer quickly
A: Accurate financial data is essential for stakeholders and investors to evaluate a company's…
Q: At December 31, 2025, Pronghorn Corporation had a deferred tax liability of $353,600, resulting from…
A: Deferred tax liability is created on taxable temporary differences to be reversed in future years.…
Q: Required information [The following information applies to the questions displayed below.] Antuan…
A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…
Q: Vikrambhai
A: The objective of the question is to determine the number of Boomers and Rockers that should be…
Q: Sheridan Ltd. entered into a lease on June 1, 2023. The lease term is six years and requires annual…
A: The objective of this question is to calculate the capitalized amount of the right-of-use asset…
Q: Rare Agri-Products Ltd. is considering a new project with a projected life of seven (7) years. The…
A: To compute the appropriate discount rate for the project, we will use the Weighted Average Cost of…
Q: On January 1, 2021, MANGO Corp. issues $100 million of convertible bonds at par value. The bonds…
A: Corporate bonds classified as convertible give their holders the opportunity, at their discretion,…
Q: The relationship of theory to measurement is very important. Measurement is the assignment of…
A: Arguments for the use of historical cost:1. Objectivity: Historical cost is based on actual…
Q: Required Problem 8-72 (LO 8-4) (Algo) [The following information applies to the questions displayed…
A: The American Opportunity Tax Credit (AOTC) helps offset the costs of postsecondary education for…
Q: Decision on Accepting Additional Business Miramar Tire and Rubber Company has capacity to produce…
A: Direct costs are the expenses that are directly used for the production of goods and services for…
Q: Lawson Consulting, which began operations on December 1, had the following accounts and amounts on…
A: Income statement is a financial statement that shows profitability, total revenue and total expenses…
Q: Cost of Ending Inventory-FIFO $ Cost of Ending Inventory-LIFO $
A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…
Q: Weller Company's budgeted unit sales for next year are provided below: Budgeted unit sales 1st…
A: The management of the company prepares a selling and administrative expense budget in which all the…
Q: Required: Prepare a contribution format income statement segmented by product lines. Product Line…
A: Under the contribution margin income statement, variable expenses and fixed expenses are represented…
Q: Witter House is a calendar-year firm with 500 million common shares outstanding throughout 2024 and…
A: It represents the portion of a company's profit allocated to each outstanding share of common stock.…
Vikrambahi
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
- Tri Fecta, a partnership, had revenues of $368,000 in its first year of operations. The partnership has not collected on $45,700 of its sales and still owes $39,900 on $235,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,400 in salaries. The partners invested $48,000 in the business and $24,000 was borrowed on a five-year note. The partnership paid $2,640 in interest that was the amount owed for the year and paid $9,300 for a two-year insurance policy on the first day of business. Ignore income taxes Compute the cash balance at the end of the first year for Tri Fecta Multiple Choice to search $163,660 O $168.310 $162.510 $1578160 O II 8 of 11Tri Fecta, a partnership, had revenues of $377,000 in its first year of operations. The partnership has not collected on $46,200 of its sales and still owes $39,000 on $170,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,000 in salaries. The partners invested $43,000 in the business and $27,000 was borrowed on a five-year note. The partnership paid $2,970 in interest that was the amount owed for the year and paid $9,300 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta.Tri Fecta, a partnership, had revenues of $363,000 in its first year of operations. The partnership has not collected on $46,800 of its sales and still owes $39,200 on $205,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,000 in salaries. The partners invested $44,000 in the business and $25,000 was borrowed on a five-year note. The partnership paid $2,250 in interest that was the amount owed for the year and paid $9,000 for a two-year insurance policy on the first day of business. Ignore income taxes. Compute the cash balance at the end of the first year for Tri Fecta. Multiple Choice $179,150 $191,250 $183,650 $186,750
- Tri Fecta, a partnership, had revenues of $364,000 in its first year of operations. The partnership has not collected on $46,700 of its sales and still owes $38,000 on $175,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $33,100 in salaries. The partners invested $48,000 in the business and $27,000 was borrowed on a five-year note. The partnership paid $2,430 in interest that was the amount owed for the year and paid $8,900 for a two-year insurance policy on the first day of business. Ignore income taxes.Compute the net income for the first year for Tri Fecta A. $189,000 B. $155,900 C.$149,020 D.$233,430Jenkins, Willis, and Trent invested $208,000, $364,000, and $468,000, respectively, in a partnership. During its first year, the firm recorded profit of $612,000.Required:Prepare entries to close the firm’s Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions:a. The partners did not produce any special agreement on the method of distributing profits. Record to close income summary account. b. The partners agreed to share profit and losses in the ratio of their beginning investments. Record to close income summary account. c. The partners agreed to share profit by providing annual salary allowances of $112,000 to Jenkins, $122,000 to Willis, and $57,000 to Trent; allowing 15% interest on the partners’ beginning investments; and sharing the remainder equally. Record to close income summary account.Tri Fecta , a partnership , had revenues of $ 200,000 in its first year of operations. The partnership has not collected on $20,000 of its sales and still owes $ 25,000 on $70,000 of merchandise it purchased. There were no inventory on hand at the end of the year .The partnership paid $25,000 in salaries. The partners invested $ 40,000 in business and $ 20,000 was borrowed on a five-year note.The partnership paid $2000 in interest that was the amount owed for the year and paid $ 8,000 for two year insurance policy on the first day of business. Tri Fecta has an effective income tax rate of 40%. Compute net income for the first year for Tri Fecta.
- After one year of operation of the Smith & Kline partnership, Smith's capital account contains a balance of $46,000 and Kline's capital account contains $54,000. Each partner originally invested $40,000 in the firm. The partnership agreement provides for yearly salary allowances of $12,000 to Smith and $15,000 to Kline, with any balance to be shared equally. There were no additional investments during the year, and no withdrawals were made except for the stipulated salary allowances. The net income for the partnership must have been: A. $27 000 B.$45 000 c. $40 000Suz-Anna is an partnership with two equal partners, Suzy and Anna. This year, Suz-Anna recorded the following items of income and expense: Sales revenue $ 500,000 Interest income 6,000 Long-term capital gain 10,000 Cost of goods sold (250,000) Salary and wages (75,000) Other operating expenses (55,000) Suz-Anna distributed $25,000 to each of its partners during the year. If Suzy has no other sources of income, what is her gross income for the year? Answer with workingsThe partnership of Rummel and Kang, Stonecutters, reported revenues of $133,000 and expenses of $41,000 on the year-end work sheet. The capital balances as of January 1, 20--, were $41,000 for C. Rummel and $25,000 for V. Kang. No additional investments were made during the year. As stated in their partnership agreement, after withdrawing salary allowances of $43,000 for Rummel and $34,000 for Kang, the partners each withdrew their full 10% interest allowances on their January 1 capital balances. No additional withdrawals were made. Any remaining net income is to be divided on a 60-40 basis. Required: 1. Prepare the lower portion of the income statement of the partnership for the year ended December 31, 20--, showing the division of the partnership net income for the year. 2. Prepare a statement of partners’ equity for the year ended December 31, 20--, and the partners’ equity section of the balance sheet on that date. 3. Prepare closing entries for the partnership as of…
- KLMN Partnership’s financial records show the following: Gross receipts from sales $ 670,000 Cost of goods sold (460,000) Operating expenses (96,800) Business meals not provided by a restaurant (6,240) Section 1231 loss on equipment sale (13,500) Charitable contribution (1,500) Distributions to partners (10,000) Mr. Ty is a 10 percent general partner in KLMN. During the year, he received a $1,000 cash distribution from KLMN. )If Mr. Ty’s adjusted basis in his KLMN interest was $45,000 at the beginning of the year, compute his adjusted basis at the end of the year. Assume that KLMN’s debt did not change during the year -Mr.Ty's adjusted basis at the beginning of year: -Ordinary business income: -Adjustments: -Mr. Ty's adjusted basis at end of year: 2.) How would your basis computation change if KLMN’s debt at the end of the year was $28,000 more than its debt at the beginning of the year?KLMN Partnership’s financial records show the following: Gross receipts from sales $ 670,000 Cost of goods sold (460,000) Operating expenses (96,800) Business meals not provided by a restaurant (6,240) Section 1231 loss on equipment sale (13,500) Charitable contribution (1,500) Distributions to partners (10,000) Mr. Ty is a 10 percent general partner in KLMN. During the year, he received a $1,000 cash distribution from KLMN. Required: Compute Mr. Ty’s share of partnership ordinary income and separately stated items. If Mr. Ty’s adjusted basis in his KLMN interest was $45,000 at the beginning of the year, compute his adjusted basis at the end of the year. Assume that KLMN’s debt did not change during the year. How would your basis computation change if KLMN’s debt at the end of the year was $28,000 more than its debt at the beginning of the year?Jenkins, Willis, and Trent invested $220,000, $385,000, and $495,000, respectively, in a partnership. During its first yeal the firm recorded profit of $615,000. Required: Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions: a. The partners did not produce any special agreement on the method of distributing profits. c. The partners agreed to share profit by providing annual salary allowances of $115,000 to Jenkins, $125,000 to Willis, and $60,000 to Trent; allowing 15% interest on the partners' beginning investments; and sharing the remainder equally.