Gloria and Michael started a partnership, each one did an initial investment of 20,000 in cash. What are the journal entries for Gloria and Michael investment
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- Steffi and Leigh form a partnership. Steffi invests $1,000 cash, $2,000 of supplies, inventory with a book value of $3,500 and market value of $3,000, and machinery with a book value of $4,900 and market value of $4,000. Prepare the partnership’s journal entry to record Steffi’s investment.Financi (xii) At the end of the first month, they each took $2,000 out of the bank account as a personal withdrawal. (xiii) Their best estimate of depreciation on the van and the catering equipment was $500 for the month. would be recorded in the partnership's accounting records. Indicate the Use the accounting equation to show how each of the above transactions effect of each one on assets, liabilities, and equity.Ahmed contributes cash of $12, 000 and Fatima contributes Office equipment that cost $10,000but valued at $8,000, during the first-year partners earn a profit of $5, 000. Assume the partners agreed to share the profit and loss equally.1. Prepare a journal entry to form the partnership? 2. How much profit should each partner earned?
- Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $15,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,500.Prepare the entry to record Nichols’s investment in the partnership, assuming the equipment has a fair value of $4,000. What is the account title and explanation? what is debit? what is credit?Moss and Barber organize a partnership on January 1. Moss's initial net investment is $80,000, consisting of cash ($24,000), equipment ($67,000), and a note payable reflecting a bank loan for the new business ($11,000). Barber's initial investment is cash of $43,000. Prepare journal entries to record (1) Moss's investment and (2) Barber's investment.Bill and Ted are partners who share net income according to a 3:2 ratio. If the net income for the year was $200,000 and each partner began the year with a $50,000 balance in the capital account, what would Bill's capital balance be if he had drawings of S75,000? O $75,000 O $145,000 O $120,000 O $95,000
- Larry, Curly and Moe formed the HydroCarpets partnership on January 1 of the current year. The partners invested assets and liabilities into the partnership as follows: Larry: Cash $ 55,000 Accounts Receivable 20,000 Curly: Land 20,000 Building 180,000 Mortgage payable 95,000 Moe: Cash 35,000 Office equipment 25,000 During the first year of business the net income was $141,000. 1) Prepare the journal entries to record the partnership setup 2) Prepare net income allocation using following plans separately. (please note that you need to show me the calculation formula and steps) Plan1: on a 3:3:4 ratio of partnership agreement Plan2: on an original investment ratio respectively Plan3: Interest allowance of 10% on initial investments, salary allowance of $35,000 to Larry, $40,000 to Curly and $45,000 to Moe, with any remaining balance to be shared equally among the three partners 3) Each partner withdrew $30,000 cash from the partnership during the year. Please prepare a statement of…Estephanie, Flordeliza, and Geralyn formed a partnership. Geralyn made a cash investment amounting to P 80,000. Given this information, how much is the expected total capital of the partnership if they desire equal capital balances?Moss and Barber organize a partnership on January 1. Moss's initial net investment is $80,000, consisting of cash ($24,000), equipment ($67,000), and a note payable reflecting a bank loan for the new business ($11,000). Barber's initial investment is cash of $43,000.Prepare journal entries to record (1) Moss’s investment and (2) Barber’s investment.
- Nadine and Liza formed a partnership on January 1, 2019 below the details of your capital accounts for 2019: On the saviour the partnership gathered a profit of 200,000. Determine the profit ratio and the share on profits for nadine and liza on the following agreements: If agreement based on capital contributions:Nadine's Profit ratio?Nadine's Share on profit?Liza's Profit ratio?Liza's Share on profit? If agreement based on average capital:Nadine's Profit ratio?Nadine's Share on profit?Liza's Profit ratio?Liza's Share on profit?Hay, Straw and Clover formed the HSC Partnership, agreeing to share profits and losses equally. Clover will manage the business for which he will receive a guaranteed payment of $30,000 per year. Cash receipts and disbursements for the year were as follows: Net income from operations (before guaranteed payment) $ 90,000 Guaranteed payment to Clover 30,000 What amount of income will each partner report on their personal return?Answer the following three questions. Paul and Roger are partners who share income in the ratio of 3:2 (3/5 to Paul and 2/5 to Roger). Their capital balances are $90,000 and $130,000, respectively. The partnership generated net income of $50,000 for the year. What is Paul’s capital balance after closing the revenue and expense accounts to the capital accounts? a.$108,000 b.$115,000 c.$180,000 d.$120,000 Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell devotes one-half time to the business. Determine the division of $150,000 of net income in the ratio of capital balances. a.$75,000 and $75,000 b.$37,500 and $112,500 c.$100,000 and $50,000 d.$50,000 and $100,000 Douglas pays Selena $42,600 for her 27% interest in a partnership with net assets of $126,700. Following this transaction, Douglas's capital account should have a credit balance of a.$126,700 b.$11,502 c.$42,600 d.$34,209