the capital accounts of brock and ian have balances of $120,000 and $100,000, respectively. carla is to be admitted to the partnership. carla buys 25% of ian’s capital from ian for $20,000. no assets need to be revalued. as an example, enter dollar amounts in this format: 30000 (for 30,000) do not use dollar signs, commas, or decimal points! enter a hyphen if no amount is recorded in that column. otherwise, the system will count it wrong! (a) journalize the entry to record the admission of carla debit credit ian capital question blank 1 of 7 question blank 2 of 7 carla capital question blank 3 of 7 question blank 4 of 7 (b) what are the capital balanc

the capital accounts of brock and ian have balances of $120,000 and $100,000, respectively. carla is to be admitted to the partnership. carla buys 25% of ian’s capital from ian for $20,000. no assets need to be revalued. as an example, enter dollar amounts in this format: 30000 (for 30,000) do not use dollar signs, commas, or decimal points! enter a hyphen if no amount is recorded in that column. otherwise, the system will count it wrong! (a) journalize the entry to record the admission of carla debit credit ian capital question blank 1 of 7 question blank 2 of 7 carla capital question blank 3 of 7 question blank 4 of 7 (b) what are the capital balanc

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 65P

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Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $18,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,600. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $4,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation v Debit Credit
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Todd Stratton has a capital balance of $24,000; Sharon Silver's balance is $19,000. Gavin Howard pays $100,000 to purchase Silver's interest in the Stratton & Silver partnership. Silver gets the full $100,000. Requirements 1. Journalize the partnership's transaction to admit Howard to the partnership. 2. Must Stratton accept Howard as a full partner? What rights does Howard have after purchasing Silver's interest in the partnership? Requirement 1. Journalize the partnership's transaction to admit Howard to the partnership. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
Marcee and Rebecca are partners. Marcee has a capital balance of $50,000 and Rebecca has a capital balance of $35,000. Rebecca sells $15,000 of her ownership to Jason. Which of the following is true of the journal entry to admit Jason? A Rebecca, Capital will be credited for $15,000 B Jason, Capital will be debited for $20,000 C Jason, Capital will be credited for $15,000 D Rebecca, Capital will be debited for $20,000
Capital balances in Grouper Co, are Dene S64,000, Aneta $38,200, and Harriet $25,500. The partners share income equally. Harriet receives $31,400 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Harriet. (Credit account titles are automaticàlly indented when the omount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Capital balances in Ayayai Co. are Dene $61,000, Aneta $36,200, and Harriet $26,600. The partners share income equally. Harriet receives $31,800 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Harriet. (Credit account titles are automatically Indented when the amount Is entered. Do not Indent manually. LUst all deblt entrles before credlt entries.) Account Titles and Explanation Debit Credit,
Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $6,000 and $4,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $8,000. Question Content Area a. What is the amount of a gain or loss on realization? $fill in the blank a082cef9b012fe9_2 Question Content Area b. How should the gain or loss be divided between Hewitt and Patel? Hewitt $fill in the blank fe57f5f50043050_2 Patel $fill in the blank fe57f5f50043050_4 Question Content Area c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0". blankHewitt and PatelDistribution of Cash Hewitt Patel Capital balances before realization $fill in the blank 2e3dfe08df82014_1 $fill in the blank 2e3dfe08df82014_2 Division of gain or loss on realization fill in the blank…
Sal Solan has a capital balance of $26,000; Sharon Silver's balance is $25,000. Grant Hill pays $110,000 to purchase Silver's interest in the Solan & Silver partnership. Silver gets the full $110,000. Requirements 1. Journalize the partnership's transaction to admit Hill to the partnership. 2. Must Solan accept Hill as a full partner? What rights does Hill have after purchasing Silver's interest in the partnership? Requirement 1. Journalize the partnership's transaction to admit Hill to the partnership. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
Jacob, Susan, and Cody each have a $330,000 capital balance. They share profits and losses as follows: 2:6:2 to Jacob, Susan, and Cody, respectively. Suppose Cody is withdrawing from the business. Requirements 1. Journalize the withdrawal of Cody if the partnership agrees to pay Cody $330,000 cash. 2. Journalize the withdrawal of Cody if the partnership agrees to pay Cody $210,000 cash. ..... Requirement 1. Journalize the withdrawal of Cody if the partnership agrees to pay Cody $330,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
Amer, Kamal, and Fadi have income ratios of 3:5:2 and capital balances of $40,000, $60,000, and $45,000, respectively. Kamal sells his interest to Khaled (New Partner) for $75,000 cash. The credit side entry is made by the partnership for this transaction is Khaled 75000 Kamal 75000 Khaled 60000 Kamal 60000 A Moving to another question will save this response. «x 1137 AM o search 37°C Haze 9/1/2021 DELL Insert Delete F11 F8 F9 F3 Num Lock & Backspace %2# $ 3 r 5 て Tン K Enter DI F G y V } B Y Ctrl Σ I :)
Required: 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000. After Pedro’s admission, the profitand loss sharing ratio is 40:40:20 for Juan, Pablo, and Pedro, respectively, based on capital credits.Drawings were made in these amounts: Juan, P100,000; Pablo, P130,000; Pedro – P56,000. What isthe capital balance of Pedro after the first year?
Albert, Billy, and Cathy share profits and losses of their partnership as 3:5:4, respectively. If the net income is $30,000, calculate Albert's share of the profits. (Do not round any intermediate calculations. Round the final answer to the nearest dollar.) O $12,500 O $7500 O $10,000 O $15,000