exter Thomas and Herman Walker, attorneys, operate a law practice. They would like to expand the expertise of the anticipation of this, they have agreed to admit Jewell Lorenzo to the partnership on January 1, 20X1. The capital acco January 1, 20X1, after revaluation of assets, are Thomas, $179,000, and Walker, $139,000. Net income or net loss is sh Required: Prepare the entries in general journal form to record the admission of Lorenzo to the partnership on January 1, 20X1, un following independent conditions: 1. Thomas sells one-half of his interest in the partnership to Lorenzo for $127,000 cash. 2. Thomas sells one-half of his interest in the partnership to Lorenzo for $83,000 cash. 3. Lorenzo invests $119,000 in the business for a 25 percent interest in the partnership. 4. Lorenzo invests $123,000 in the business for a 30 percent interest in the partnership. Analyze: Assume that Lorenzo in

exter Thomas and Herman Walker, attorneys, operate a law practice. They would like to expand the expertise of the anticipation of this, they have agreed to admit Jewell Lorenzo to the partnership on January 1, 20X1. The capital acco January 1, 20X1, after revaluation of assets, are Thomas, $179,000, and Walker, $139,000. Net income or net loss is sh Required: Prepare the entries in general journal form to record the admission of Lorenzo to the partnership on January 1, 20X1, un following independent conditions: 1. Thomas sells one-half of his interest in the partnership to Lorenzo for $127,000 cash. 2. Thomas sells one-half of his interest in the partnership to Lorenzo for $83,000 cash. 3. Lorenzo invests $119,000 in the business for a 25 percent interest in the partnership. 4. Lorenzo invests $123,000 in the business for a 30 percent interest in the partnership. Analyze: Assume that Lorenzo in

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Matthew and Hein sell to Melges a 1/3 interest in the Matthew - Hein partnership. Melges will pay Matthew and Hein each $141400 for admission into the organization. Before this transaction, Matthew and Hein show capital balances of $209000 each. The journal entry to record the admission of Melges will O show a credit to Melges, Capital for $282800. O show a debit to Hein, Capital for $141400. show a debit to Cash for $282800. O not show a debit to Cash.
Subject: acounting
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The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30, 20X1, is Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torven, Capital Total Debit $ 7,200 38,000 27,000 98,400 Profit and loss percentages Preliquidation capital balances $170,600 2. The partners share profits and losses as follows: Pen, 50 percent; Evan, 25 percent; and Torves, 25 percent. 3. The partners are considering an offer of $112,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $112,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated. Decrease LAPs to next highest Credit Required: Prepare a cash distribution plan as of June 30, 20X1, showing how much cash each partner will receive if the partners accept the offer to sell…
solve for d, e, and f. pls provide a solution. thank you!
Needs help with LETTER E. thank you
Mr. A and Mr. B start a business on 01st May,2021, with capital of 2,500,000 and 300,000. According to agreement Mr. A is entitled for a salary of 40,000 whereas another partner is entitled for 35,000. Mr. B gave a loan to the business and interest on capital is allowed 5% p.a. During their first fiscal year of partnership, they earned a net profit of Rs. 500000. Required: Profit and Loss appropriation account to allocate the profit and necessary journal entries.
Required information [The following information applies to the questions displayed below.] The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $13,000, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (§1231) Cost of goods sold Depreciation-MACRS Employee wages Cash charitable contributions Municipal bond interest Other expenses $ 70,000 8,000 (38,000) (9,000) (14,000) (3,000) 2,000 (2,000) Note: Negative amounts should be indicated by a minus sign. c. What do you believe Gary's share of self-employment income (loss) to be reported on his year 1 Schedule K-1 should be, assuming G&P is an LLC and Gary spends 2,000 hours per year working there full time? Self-employment income (loss)
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Required information [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $88,000 and $132,000, respectively. During its first year, the partnership earned $255,000. Prepare calculations showing how the $255,000 income is allocated under each separate plan for sharing income and loss. 3. The partners agreed to share income by giving a $69,000 per year salary allowance to Ramer, a $43,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $255,000. Note: Enter all allowances as positive values. Enter losses as negative values. Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocated equally Balance of income Shares of the partners Ramer Saved Knox Total
answer letter a, b, and c. please include a solution/explanation. thank you!