Question
In: Accounting
The partnership of Dennis and Grover reports the following information: • Mike Dennis withdrew cash of...
The partnership of Dennis and Grover reports the following information:
• Mike Dennis withdrew cash of $151,000 for personal use.
• Frank Grover withdrew cash of $128,000 during the year.
• Net income is $268,000. The first $134,000 is shared based on the partner capital investments (Dennis $108,000 and Grover $160,000). The next $100,000 is shared based on partner service, with Dennis receiving 60 percent and Grover receiving 40 percent. The remainder is shared equally.
Journalize the entries on December 31 to close to each Capital account with the net income to the partners, and to close the partners' Withdrawal accounts. Explanations are not required. Indicate the amount of increase or decrease in each partner's Capital balance. What was the overall effect on partnership capital?
Solutions
ekkarill92 answered 7 months agoRelated Solutions
Mike withdrew $1,180 from a savings account and invested in common stock. At the end of...
Mike withdrew $1,180 from a savings account and invested in
common stock. At the end of 5 years, Mike sold the stock for
$1,387. In the savings account he would have received an interest
rate of 4%, compounded quarterly. He would like to compute a
comparable interest rate on his common stock investment.
a) Draw a cash flow diagram for the stock investment
.b) What effective annual interest rate did he receive from the
stock investment?
c) Based on quarterly...
Question 101 pts Mike, Dennis, Larry, and Pete are brothers and sole shareholders in the Our...
Question 101 pts
Mike, Dennis, Larry, and Pete are brothers and sole shareholders
in the Our Gang Corporation, a close corporation. They are all
officers and directors, and share in the day-to-day management of
the company. Under which of the following scenarios might the
brothers be personally liable for the debts of the corporation?
Group of answer choices
If they fail to hold an annual shareholder meeting
If Dennis, the CFO, deposits accounts receivables in his
personal bank account
If...
Bryan and Gayle are equal partners in BG Partnership. The partnership reports the following items of...
Bryan and Gayle are equal partners in BG Partnership. The
partnership reports the following items of income and expense:
Ordinary income from operations
$13,000
Interest income
5,000
Long-term capital gains
23,000
§ 179 expense
55,000
Charitable contributions
3,000
page 14-41 Which of these items are considered separately stated
items? On what form will these items be reported to the
partners?
Where will these amounts be reported by the partners?
The ABC partnership reports the following condensed balance sheet: Cash $250,000 Liabilities $600,000 Noncash assets 1,200,000...
The ABC partnership reports the following condensed balance
sheet:
Cash
$250,000
Liabilities
$600,000
Noncash assets
1,200,000
Partner A, capital
300,000
Partner B, capital
450,000
Partner C, capital
100,000
Total assets
$1,450,000
Total liabilities and partner capital
$1,450,000
The partners wish to liquidate the partnership. The noncash
assets are sold for $800,000 with the loss distributed to the
partners in the ratio of 30%:20%:50% to partner A, B, and C,
respectively. The liabilities are paid in full. Assume that any
partners...
In the current year Mike reports income and losses from the following activities: Activity X $27,000...
In the current year Mike reports income and losses from the
following activities:
Activity X
$27,000
Activity Y
(16,000)
Activity Z
(23,000)
Salary
175,000
Activities X, Y, and Z are all passive with respect to Mike.
Activity Z has $35,000 in passive losses which are carried over
from the prior year. In the current year Mike sells activity Z for
a taxable gain of $22,000.
Requirement
a. What is the amount of loss that Mike may deduct and what is...
Cash Disbursements Budget - Company A reports the following purchases and payments information: Dec. Jan. Feb....
Cash Disbursements Budget - Company A reports the following
purchases and payments information:
Dec.
Jan.
Feb.
Mar.
Apr.
Purchases . . .
$210,000
$150,000
$170,000
$180,000
$190,000
(a) Assume Company A makes cash payments of 40% of its purchases
in the month of the purchase and pays the remaining 60% the
following month. Compute the company's cash payments for each month
from January through April. (Include formulas used to solve
problem).
Cash Disbursements Budget - Company B reports the following...
Transactions 1. Paid cash for rent, $400.00. 2. Owner withdrew equity in the form of cash,...
Transactions
1.
Paid cash for rent, $400.00.
2.
Owner withdrew equity in the form of cash, $150.00.
3.
Received cash from sales, $900.00.
4.
Paid cash for camera repairs, $100.00.
5.
Sold services on account to Eden Wedding Planners,
$400.00.
6.
Received cash from sales, $650.00.
7.
Paid cash for charitable contributions, $35.00.
8.
Received cash on account from Eden Wedding Planners,
$300.00.
Shannon O’Bryan operates a service business called Edgecliff
Photography. Edgecliff Photography uses the accounts shown in the...
Several years ago, Ann Dennis, Jill Edwards, Lee Lacy, and Sarah Ingram formed a partnership to...
Several years ago, Ann Dennis, Jill Edwards, Lee Lacy, and Sarah
Ingram formed a partnership to operate the Deli Sisters Cafe.
Rerouting of bus lines caused declines in patronage to the extent
that the partners have agreed to dissolve the partnership and
liquidate the assets. The November 2, 2014, balance sheet of the
Deli Sisters Cafe and other data appear below. The partnership
agreement did not specify how profits and losses were to be
shared.
DELI SISTERS CAFÉ
Balance Sheet...
QS 11-4 Partnership profit allocation LO3 Bill Ace and Dennis Bud are partners in an urban...
QS 11-4 Partnership profit allocation LO3
Bill Ace and Dennis Bud are partners in an urban restaurant
called Salt. Profit for the year ended March 31, 2017, is
$120,000.
How much profit should be allocated to each partner assuming
there is no partnership agreement?
Prepare the entry to allocate the profit.
Prepare the entry to allocate the $120,000 assuming it is a
loss.
Several years ago, Ann Dennis, Jill Edwards, Lee Lacy, and Sarah Ingram formed a partnership to...
Several years ago, Ann Dennis, Jill Edwards, Lee Lacy, and Sarah
Ingram formed a partnership to operate the Deli Sisters Cafe.
Rerouting of bus lines caused declines in patronage to the extent
that the partners have agreed to dissolve the partnership and
liquidate the assets. The November 2, 2014, balance sheet of the
Deli Sisters Cafe and other data appear below. The partnership
agreement did not specify how profits and losses were to be
shared.
DELI SISTERS CAFÉ
Balance Sheet...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Searching an Array for an Exact Match C++ This question is on MindTap Cengage Summary In...
- 5. You are preparing a project to lay fiber optic cable. The first task is to...
- What is a thesis to write for “What are the effects of family addiction on identity...
- 1. write SQL statements to create the following two tables: a) Department table that contains the...
- What is "intersectionality", and why is this a relevant concept in anthropology? Use examples in your...
- What are the differences between the economic theories and the reality of policy implementation?
- Designing A New Arena : You work for a company that has been tasked with designing...
ADVERTISEMENT