For Oriole Co., beginning capital balances on January 1, 2022, are Nancy Payne $22,500 and Ann Dody $18,800. During the year, drawings were Payne $7,300 and Dody $4,700. Net income was $27,800, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) : + + $ $ ORIOLE CO. Partners' Capital Statement N. Payne $ $ + A. Dody $ $ Total

For Oriole Co., beginning capital balances on January 1, 2022, are Nancy Payne $22,500 and Ann Dody $18,800. During the year, drawings were Payne $7,300 and Dody $4,700. Net income was $27,800, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) : + + $ $ ORIOLE CO. Partners' Capital Statement N. Payne $ $ + A. Dody $ $ Total

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 9E

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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.
For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $21,200 and Ann Dody $17,200. During the year, drawings were Payne $7,000 and Dody $5,900. Net income was $26,500, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List Items that increase partners' capital first.) (b) : eTextbook and Medial Save for Later $ $ CRANE CO. Partners' Capital Statement N. Payne Prepare the owners' equity section of the balance sheet at December 31, 2022. CRANE CO. Partial Balance Sheet $ $ A. Dody Attempts: 0 of 5 used Total Submit Answer
For Starrite Co., beginning capital balances on January 1, 2012, are Donna Noble $18,000 and Amy Bond $16,000. During the year, drawings were Noble $7,000 and Bond $4,000. Net income was $20,000, and the partners share income equally. Instructions Prepare the partners’ capital statement for the year
For the year 2021, the partnership of AMMAR and BANU realized a net profit of P240,000. The capital accounts of the partners show the following postings: Jan. 1 May 1 July 1 Aug. 1 Oct. 1 AMMAR Debit Credit Debit Credit 20,000 10,000 120,000 BANU 10,000 10,000 5,000 80,000 20,000 Question 5 If the profits are to be divided based on average capital, how much will be the share of AMMAR?
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Problem 1. Alucard and Chou organized their partnership on 01/01/19. The following entries were made into their capital accounts during 2019. Required: If partnership profits for the year equaled P66,000, indicate the allocations between the partners under the following independent profit-sharing allocation conditions: Interest of 10% is allocated on weighted average capital balance and the remainder is divided equally. A salary of P9,000 will be allocated to Chou; 10% interest on ending capital is allocated to the partners; remainder is divided 60/40 to Alucard and Chou, respectively. Salaries are allocated to Alucard and Chou in the amount of P10,000 and P15,000, respectively and the remainder is allocated in the proportion to weighted average capital balances. A bonus of 10% of partnership profits after bonus is credited to Alucard, a salary of P35,000 is allocated to Chou, a P20,000 salary is allocated to Alucard, 10% interest on weighted capital is allocated, and remainder is…
At the end of its first year of operations on December 31, 2020, NBS Company's accounts show thefollowing.Partner Drawings CapitalArt Niensted $23,000 $48,000Greg Bolen 14,000 30,000Krista Sayler 10,000 25,000The capital balance represents each partner's initial capital investment. Therefore, net income or netloss for 2020 has not been closed to the partners' capital accounts.Instructions:a. Journalize the entry to record the division of net income for the year 2020 under each of thefollowing independent assumptions. SHOW YOUR CALCULATIONS.1. Net income is $40,000. Income is shared 6:3:1.2. Net income is $50,000. Niensted and Bolen are given salary allowances of $15,000 and $10,000,respectively. The remainder is shared equally.3. Net income is $19,000. Each partner is allowed interest of 10% on beginning capital balances.Niensted is given a $12,000 salary allowance. The remainder is shared equally.b. Prepare entries to close the drawing accounts.c. Prepare a partners' capital statement…
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