Question
In: Accounting
Calculator The capital accounts of Heidi and Moss have balances of $90,000 and $65,000, respectively, on...
Calculator
The capital accounts of Heidi and Moss have balances of $90,000 and $65,000, respectively, on January 1, the beginning of the current fiscal year. On April 10, Heidi invested an additional $8,000. During the year, Heidi and Moss withdrew $40,000 and $32,000, respectively. Revenues were $540,000 and expenses were $420,000 for the year. The articles of partnership make no reference to the division of net income.
Required:
1. Prepare a statement of partners' equity for the partnership of Heidi and Moss. If an amount box does not require an entry, leave it blank. Enter all amounts as positive numbers.
| Heidi and Moss | |||
| Statement of Partners' Equity | |||
| For the Year Ended December 31 | |||
| ACCOUNT NAME | Heidi | Moss | Total |
| $ | $ | $ | |
| $ | $ | $ | |
| $ | $ | $ | |
| $ | $ | $ | |
2. Journalize the entries to:
- Close the revenue and expenses account.
- Close the drawing accounts.
If an amount box does not require an entry, leave it blank.
| a. | |||
| b. | |||
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of the...
Rodgers and Winter had capital balances of $60,000 and $90,000,
respectively, at the beginning of the current fiscal year. The
articles of partnership provide for salary allowances of $25,000
and $30,000, respectively; an allowance of interest at 12% on the
capital balances at the beginning of the year; and the remaining
net income divided equally. Net income for the current year was
$110,000. a. Present the Division of net income section of the
income statement for the current year. Net...
13. The capital accounts of Harrison and Marti have balances of $160,000 and $110,000, respectively, on...
13.
The capital accounts of Harrison and Marti have balances of
$160,000 and $110,000, respectively, on January 1, the beginning of
the current fiscal year. On April 10, Harrison invested an
additional $20,000. During the year, Harrison and Marti withdrew
$96,000 and $78,000, respectively, and net income for the year was
$264,000. The articles of partnership make no reference to the
division of net income.
Based on this information, the statement of partners' equity would
show what amount as total...
19. Rodgers and Winter had capital balances of $60,000 and $90,000, respectively, at the beginning of...
19.
Rodgers and Winter had capital balances of $60,000 and $90,000,
respectively, at the beginning of the current fiscal year. The
articles of partnership provide for salary allowances of $25,000
and $30,000, respectively; an allowance of interest at 12% on the
capital balances at the beginning of the year; and the remaining
net income divided equally. Net income for the current year was
$110,000.
a. Present the Division of net income section
of the income statement for the current year....
Question 1 The capital accounts of Hope and Indiana have balances of $230,000 and $190,000, respectively....
Question 1 The capital accounts of Hope and Indiana have
balances of $230,000 and $190,000, respectively. Clint and Casey
are to be admitted to the partnership. Clint buys one-fifth of
Hope’s interest for $60,000 and one-fourth of Indiana’s interest
for $40,000. Casey contributes $90,000 cash to the partnership, for
which he is to receive an ownership equity of $90,000. Required: a.
Journalize the entries to record the admission of Clint and Casey
b. What are the capital balances of each...
1) The capital accounts of Hope and Indiana have balances of $230,000 and $190,000, respectively. Clint...
1) The capital accounts of Hope and Indiana have balances of
$230,000 and $190,000, respectively. Clint and Casey are to be
admitted to the partnership. Clint buys one-fifth of Hope’s
interest for $60,000 and one-fourth of Indiana’s interest for
$40,000. Casey contributes $90,000 cash to the partnership, for
which he is to receive an ownership equity of $90,000.
Required:
a. Journalize the entries to record the admission of Clint and
Casey
b. What are the capital balances of each partner...
The capital accounts of Trent Henry and Tim Chou have balances of $142,900 and $85,800, respectively....
The capital accounts of Trent Henry and Tim Chou have balances
of $142,900 and $85,800, respectively. LeAnne Gilbert and Becky
Clarke are to be admitted to the partnership. Gilbert buys
one-fifth of Henry’s interest for $31,400 and one-fourth of Chou’s
interest for $20,200. Clarke contributes $74,500 cash to the
partnership, for which she is to receive an ownership equity of
$74,500. Required: a. On December 31, journalize the entries to
record the admission of (1) Gilbert and (2) Clarke. Refer...
The capital accounts of Angel Alvarez and Emma Allison have balances of $47,740 and $71,570, respectively,...
The capital accounts of Angel Alvarez and Emma Allison have
balances of $47,740 and $71,570, respectively, on January 1, 20Y4,
the beginning of the fiscal year. On March 10, Alvarez invested an
additional $7,690. During the year, Alvarez and Allison withdrew
$31,410 and $39,630, respectively, and net income for the year was
$62,000. Revenues were $483,000, and expenses were $421,000. The
articles of partnership make no reference to the division of net
income.
Required:
A.
Journalize the entries to close...
The capital accounts of Trent Henry and Tim Chou have balances of $146,000 and $93,800, respectively....
The capital accounts of Trent Henry and Tim Chou have balances
of $146,000 and $93,800, respectively. LeAnne Gilbert and Becky
Clarke are to be admitted to the partnership. Gilbert buys
one-fifth of Henry’s interest for $29,100 and one-fourth of Chou’s
interest for $21,300. Clarke contributes $69,400 cash to the
partnership, for which she is to receive an ownership equity of
$69,400.
Required:
A.
On December 31, journalize the
entries to record the admission of (1) Gilbert and (2) Clarke.
Refer...
The capital accounts of Angel Alvarez and Emma Allison have balances of $47,740 and $71,570, respectively,...
The capital accounts of Angel Alvarez and Emma Allison have
balances of $47,740 and $71,570, respectively, on January 1, 20Y4,
the beginning of the fiscal year. On March 10, Alvarez invested an
additional $7,690. During the year, Alvarez and Allison withdrew
$31,410 and $39,630, respectively, and net income for the year was
$62,000. Revenues were $483,000, and expenses were $421,000. The
articles of partnership make no reference to the division of net
income.
Required:
A.
Journalize the entries to close...
The capital accounts of Robert Jewell and Donald Kane have balances of $60,000 and $80,000 respectively....
The capital accounts of Robert Jewell and Donald Kane
have balances of $60,000 and $80,000 respectively. James Abbey and
George Bowman are to be admitted to the partnership. Abbey
purchases one-third of Jewell's interest for $25,000 and one-fifth
of Kane's interest for $20,000. Bowman contributes $40,000 cash to
the partnership, for which he is to receive an ownership equity of
$40,000.
INSTRUCTIONS: (a) Present the entries in general journal
form to record the admission to the partnership of (1) Abbey...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You have been hired as a capital budgeting analyst by Advent Sports, a sporting goods firm...
- DESCRIBE WHAT HAPPENS WHEN WE BECOME CONSCIOUS OF SOMETHING. WHAT HAS TO HAPPEN FOR CONSCIOUS AWARENESS...
- 3) You are rolling a 12 sided die 8 times. a) What is the size for...
- explain the difference between quantitative and qualitative research strategies. Provide an example of a crime based...
- use postorder and inorder tree traversals to make preorder traversal. #!/usr/bin/env python3 # encoding: UTF-8 """Turning...
- 1. Write an if-else statement to describe an object. Print "Balloon" if isBalloon is true and...
- An investor is considering purchasing a Treasury bond with a 20 year maturity, an 8% coupon...
ADVERTISEMENT