partnership with net assets
Q: Event 1 2 3 4 5 6 7 8 9 10 General Journal Cash Common Stock Machinery Cash Notes Payable ($30,000 -…
A: Accounting worksheet - is a tool or worksheet prepared by accountants or bookkeepers to complete…
Q: Assume a company's activity-based costing system includes three activities with the following…
A: Activity Rate :— It is the rate used to allocate activity cost to cost object. It is calculated by…
Q: Subscription Account
A: Subscription account is a kind of client account where a monthly fee is payable by the client for a…
Q: You have joined the companies finance team couple of months ago and went through a series of on job…
A: Since the question has multiple sub-parts, as per the guidelines only the first three sub-parts will…
Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…
A: Product cost refers to the amount incurred in manufacturing goods such as direct materials, labor,…
Q: c) In working capital management, there are some actions that increase or decrease cash. To increase…
A: Working capital takes into account the current assets and the current liabilities. It is required…
Q: A company began the accounting period with $50,000 in owner’s capital, ended with $75,000 in owner’s…
A: Net income represents the overall profitability of a company after all expenses and costs have been…
Q: On April 6, Year 1, Home Furnishings purchased $25,200 of merchandise from Una Imports, terms 2/10…
A: Export merchandising is a method of offering retail goods for sale in a foreign consumer market.…
Q: A condensed balance sheet and other financial data for the Nike Company are provided below. Nike…
A: Debt to equity ratio is the ratio which shows the quantum of debt used in the business in comparison…
Q: property agreement
A: Disagreements over the usage and liabilities of assets are common among those getting married. It’s…
Q: Distribution of Profits or Losses Based on Partners' Agreement The partnership contract of Eje,…
A: Interest on capital :— It is calculated by multiplying interest rate with capital balance of…
Q: Erik is the sole owner of a small business that he started 20 years ago. Although he is not yet…
A: As per Law, the transfer of sole proprietorship business can be transferred by the owner to the son…
Q: Chris LeBlanc estimates that if he does 4.5 hours of research using data that will cost $175.00,…
A: Expected return It is the profit or loss that an investor estimates on an investment that has known…
Q: Discuss the differences between financial and management accounting and support your arguments with…
A: We know that financial accounting and management accounting are two branches of accounting.…
Q: SOURCES OF FUNDS Share Capital Reserves and Surplus Loan Funds Balance Sheet of a Company as at 31st…
A: A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken…
Q: Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery PHOENIX…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: The summarised statements of profit or loss of Bing and Crosby, for the year ended 31 October 2021,…
A: The question asked to compute the goodwill arising from the acquisition of Crosby Company.…
Q: Stag, a public limited company, is preparing its financial statements for the year ending 31…
A: According to IAS 38: Intangible Assets, research is defined as "the original and planned…
Q: Required Prepare Mr. Dominic's statement of profit or loss for the year ending 31 May 2021 and a…
A: Statement of profit and loss shows all incomes and expenses of the business for the particular…
Q: Down below i attached the general journal for my business chills and fruit for the year ending in…
A: Since you have posted question with multiple sub-parts, we will do the first three sub-parts for…
Q: Interest received on debentures held as investments - 16,000. Dividend received on shares held as…
A: Cash flow from investing activities involves long-term uses of cash. The purchase or sale of a fixed…
Q: The ST Partnership was formed by Saling and Taling, who contributed tangible assets with the…
A: Partnership - A partnership may be formed with different types i.e, General partnership, limited…
Q: Fuson Corporation makes one product and has provided the following information to help prepare the…
A: A budget is a plan which is prepared in monetary terms depicting a statement of projected income and…
Q: Darlington Company experienced the following business events during its first month of operations.…
A: Whenever, the goods are returned that were purchased on credit, the entry would be as follows:…
Q: Estimation of Working Capital Requirements using Ratios Compute Working Capital Requirements of a…
A: In financial speak, working capital is the difference between current assets and current…
Q: The risk-free rate is currently 3.3%, and the market return is 14.8%. Assume you are considering…
A: The capital asset pricing model is a model used to determine a theoretically appropriate required…
Q: The following is the income statement of Marielle Hotel for the Year ended December 31,2021…
A: The income statement is one of the important financial statements of the business. It tells about…
Q: Accounting and Accounting theory are deeply rooted in general systems theory. Discuss
A: A framework of collecting and organizing a set of elements to achieve a common objective is known as…
Q: Wasilko Corporation produces and sells one product. a. The budgeted selling price per unit is $114.…
A: Net operating income (NOI) is a measure used to evaluate the feasibility of revenue-generating real…
Q: As described in a recent annual report, Verizon Communications provides wireless voice and data…
A: Current lease liabilities are considered as a liability for the company and reported under the head…
Q: Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold…
A: The question is based on the concept of Cost Accounting. The average number of days to sell…
Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…
A: Cost of goods sold The amount spent by company in manufacturing a product is referred to as the cost…
Q: efine cost behavior.
A: The cost behaviour includes the fixed cost, variable cost, and mixed cost which would be helpful in…
Q: Jupiter Explorers has $10,000 in sales. The profit margin is 3 percent. There are 5,500 shares of…
A: The price-to-earnings ratio, which relates the current stock price to the per-share earnings is a…
Q: The following information has been collected from two London-based companies. The accounts are drawn…
A: Financial Ratios The ratios which are used to measure the company's profitability, solvency or…
Q: PROBLEM 1: The following events and transactions relate to the shareholder's equity accounts of the…
A: The amount of money that a company's shareholders have contributed to the enterprise through the…
Q: Which of the following is NOT computed by an Acturay on behlaf of a firm Select one: a. Total sales…
A: Every business has to face certain risks and its assesment is an important part of the management…
Q: Georgia Co.'s tool division, Ash, incurred the following costs for year 2: Variable Fixed Direct…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Variable…
Q: The supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled…
A: Modifications to previously recorded journal entries are referred to as adjusting entries. They make…
Q: internal control methods.
A: Employers must know how to identify/detect theft by an employee and ways to handle suspicions…
Q: Bentsen Corporation makes one product. Multiple Choice O Budgeted unit sales. The ending finished…
A: The direct materials budget estimates the materials that must be acquired over time in order to meet…
Q: Z Company operates a snack bar in front of M University. 80% of its regular clients/customers are…
A: The shut down point is the point at which the company would be better off shutting down the…
Q: Milo Clothing experienced the following events during Year 1, its first year of operation: 1.…
A: The question is based on the concept of Financial Accounting. Journal entry formation uses the three…
Q: 10. When you ask the leasing specials they tell you that they are waiving the administrative fee and…
A: Move-in incentives are regularly provided by rental properties to increase demand and entice new…
Q: Jupiter Explorers has $7,600 in sales. The profit margin is 3 percent. There are 5,100 shares of…
A: Net Profit :— It is the difference between total revenue and total expenses. Profit Margin :— It…
Q: Cost of goods manufactured
A: Cost sheet gives a clear cut picture of the cost of goods manufactured, the cost of goods, sold, and…
Q: Richards Manufacturing estimates the following activity for the coming year: ⚫ expected production…
A: Manufacturing overhead denotes the indirect expenditures involved during product production. It…
Q: Assets = Liability+ Capital where 'assets' are resources of the business; 'liabilities' are…
A: After each transaction, the debit side must equal the credit side. The transaction record is based…
Q: In 2020, Henry and Eva paid $2,500 of qualified domestic adoption expenses. The adoption did not…
A: A taxpayer who has adopted a child and has self-paid certain expenses for adoption gets qualified…
Q: Petrini Corporation makes one product and it provided the following information to help prepare the…
A: A product cost is a cost incurred in the creation or manufacturing of the product right from the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.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.Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.
- The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the above
- Douglas pays Selena $45,700 for her 25% interest in a partnership with net assets of $127,900. Following this transaction, Douglas's capital account should have a credit balance of a. $45,700 b. $127,900 c. $11,425 d. $31,975Douglas pays Selena $44,100 for her 27% interest in a partnership with net assets of $127,300. Following this transaction, Douglas's capital account should have a credit balance of a.$44,100 b.$11,907 c.$34,371 d.$127,300The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: $ 105,000 Tiger (50%) Phil (20%) Ernie (30%) 75,000 90,000 Each of the following questions should be viewed independently. a. If Sergio invests $100,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $60,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $70,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. Complete this question by entering your answers in the tabs below. Required A Required B Required C If Sergio invests $100,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is…
- Ahmed and Salim form a partnership on June 1. Ahmed contributes OMR 15,000 cash, inventory with a market value of OMR 40,000 , and Accounts Payable of OMR 80,000. Ahmed also contributed computer equipment with a cost of OMR 80,000 and accumulated depreciation of OMR 20,000 . Current market value is OMR 85,000 Ahmed's Capital will be Select one: O a. Credit, 30,000 O b. Credit, 60,000 O c. Debit, 30,000 O d. Debit, 60,000Fill in the blnnks: Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio. Tim contributes P7500 cash and merchandise invetory with a market value of P1500. a. Tim, Capital will be credited in the amount of b. Michelle's investment should be c. After accounting for the total investments of Tim and Michelle, the total assets of the partnership amounts toThe Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (40%) Phil (20%) Ernie (40%) $ 95,000 65,000 80,000 Each of the following questions should be viewed independently. a. If Sergio invests $120,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $90,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $108,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used.
