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.

The following information applies to the questions displayed below.]Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $431,100.Required:Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $431,100 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments.

A B and C are partners with capital balances of $90,000, $70,000, and $50,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $7,000 to A, $8,000 to B and $14,000 to C. Interest allowances of 1096 on beginning of year capital balances Balance to be divided in the ratio of 2:11. If profit for the year 15 $250,000, calculate each partner's share and prepare the appropriate journal entry close the income Summary to the capital accounts Next Page Support | PowerSchool Communit Time left for this

Goodman, Pinkman, and White formed a partnership on January 1, 2020, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partner’s beginning capital balance for the year; (2) annual compensation of $15,000 to Pinkman; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Goodman; (b) 40% for Pinkman; and (c) 40% for White. Net income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021. What was Goodman’s total share of net income for 2020?

The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows:                Assets                               Cash                                    P  28,000                               Non-cash Assets                 265,000                                              Total                     P293,000                               Liabilities                            P  48,000                               Ricablanca, Capital              95,000                               Tac-an, Capital                      80,000                               Dimalanta, Capital               70,000                                              Total                     P293,000 Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000.…

Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2020, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made drawings of $24,000. (Assume the partnership income-sharing agreement calls for income to be divided 45% to Coburn and 55% to Webb. Prepare the journal entry to record the allocation of net income) What are the account titles and explanations?  What is debit?  What is credit?

Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and share profits and losses in the ratio 25:45: 30.    The trading account profit as at 31 December 2021 was $6,500,000 after charging a nominal tax of $750,000.                                                           Notes: The partners receive interest on their capital accounts at 9.5 % on the balance of their partner capital at the end of the budget year. The interest on the capital account was not included in the income statement. Include in the income statement is $80,000 salary per month for each partner. The partnership paid motor vehicle expenses for vehicles owned by the partners as follows: Ebanks -$ 50,000 Brown - $80,000 Thomas - $130,000              The partners did not use the vehicles for the partnership business.  Profit on disposal was $180,000. Depreciation on plant and machinery for the year was $900,000. In recognition of the new IFRS 9 standard, a provision for bad…

After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. a.  Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank.   Cash        Grayson Jackson, Capital        Harry Barge, Capital        Lewan Gorman, Capital      b.  What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson $ Harry Barge $ Lewan Gorman $

Coburn (beginning capital, $56,000) and Webb (beginning capital $92,000) are partners. During 2022, the partnership earned net income of $69,000, and Coburn made drawings of $17,000 while Webb made drawings of $26,000. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $37,000 to Coburn and $32,000 to Webb, interest of 12% on beginning capital, and the remainder divided 50%–50%. Prepare the journal entry to record the allocation of net income.

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