hat are the account titles and explanations? What is debit? What is credit?
Q: C and D are partners who share profits and losses in the ratio of 7:3, respectively. On October…
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A: a. Date Particulars Debit Credit xxx Cash $51,000 Grayson Jackson…
Q: On December 31, 2020, the accounting records of Alma, Brenda, and Dely partnership included the…
A: The question is related to Partnership and is of liquidation of partnership. The Alma, Brenda and…
Q: Danica and Jenson are partners. Their capital accounts during the fiscal year 2019 were as follows:…
A: Danica Capital: January to March (P800000 * 3) P24,00,000 April to August [(P800000 + P160000)…
Q: After the tangible assets have been adjusted to current market prices, the capital accounts of…
A: Part a:
Q: The partnership agreement of Alix, Gise, and Bosco provides for the following income ratio: (a)…
A: Given Information: Salary allowance = $108,000 Interest on average capital investment = 15% Net…
Q: Alma, Brenda and Dely share profits and losses in a 5:3:2 ratio, respectively.
A: Dely share profits and losses
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A: Following are the answers to the given questions
Q: Ceradoy, Manongsong and Anuran are partners sharing residual profits in the ratio of 3:2:1, The…
A: Ceradoy = 200000 * 8% = 16000 Manongsong = 150000 * 8% = 12000 Anuran = 120000 * 8% = 9600
Q: Seth and Beth have original investments of $50,000 and $100,000, respectively, in a partnership. The…
A: Total investment = Investment by Seth + Investment by Beth Interest = Investment x 10%
Q: Bruce Chapman was admitted to the Adams & Bye LLP on May 31, 2020, by an investment of $40,000 cash…
A: The correct option is Option “b” b. $6,000 each to the capital accounts of Adams and Bye
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Q: A, B and C were partners with capital balances on January 1, 2020 of 100,000, 150,000, and 200,000…
A: In this case capital on July 1 is:- Capital=opening capital+ Share in profit+ Share in FV changes
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Q: The Prince-Robbins partnership has the following capital account balances on January 1, 2021:…
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Q: On December 31, 2020, the accounting records of Alma, Brenda, and Dely partnership included the…
A: Answer - Particulars Working Amount Alma credit balance after drawings (307500 -…
Q: On December 31, 2020, the Statement of Financial Position of EYBISI Partnership with profit or loss…
A: Liquidation of Partnership: The event of liquidation of a partnership firm, when the partners…
Q: A and B organized a partnership and began operations on March 1, 2019. On that date, A invested…
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
Q: Coburn (beginning capital, $56,000) and Webb (beginning capital $92,000) are partners. During 2022,…
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Q: After the tangible assets have been adjusted to current market prices, the capital accounts of…
A: a. Date Account Titles Debit Credit Cash $43,300 Grayson Jackson, Capital $3,600…
Q: Coburn (beginning capital, $56,000) and Webb (beginning capital $92,000) are partners. During 2022,…
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Q: During 2020, the partnership of Kiki and Tammy earned net income of $ 125,000. Kiki’s beginning…
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Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2020, the
(Assume the partnership income-sharing agreement calls for income to be divided 45% to Coburn and 55% to Webb. Prepare the
What are the account titles and explanations?
What is debit?
What is credit?
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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.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. Instructions: a. 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. b. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000 to Coburn and $25,000 to Webb, with the remainder divided 45% to Coburn and 55% to Webb. Prepare the journal entry to record the allocation of net income. c. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,000 to Coburn and $35,000 to Webb, interest of 10% on beginning capital, and the remainder divided 50%–50%. 1. Prepare the journal entry to record the allocation of net income. 2. Prepare the entries to close…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…
- Given the following information about AKing & Lee form a partnership. The partnership agreement provides for (1) salary allowances of $8,400 to King and $6,000 to Lee , (2) interest on capital of 10%, and (3) the remaining income will be allocated equally . Capital balances on January 1 were King $28,000 , and Lee $24,000 . In 2018 , partnership net income is $22,000 . Required: Allocate net income between King and LeeB partnership A B Capital 200,000 150,000 Interest on capital is 10% Net income 50,000 Required: Allocate net income between A and B assuming that any remaining income will be allocated equally.Coburn (beginning capital, $60,000) and Webb (beginning capital $86,000) are partners. During 2022, the partnership earned net income of $74,000, and Coburn made drawings of $20,000 while Webb made drawings of $22,000.Ehrlich (beginning capital, $110,000) and Haar (beginning capital $85,000) are partners. During 2022 the partnership earned net income of $60,000. Ehrlich made drawings of $25,000 while Haar made drawings of $10,000. Instructions Assume the partnership income-sharing agreement calls for income to be divided with a salary of $22,000 to Ehrlich and $25,000 to Haar, interest of 10% on beginning capital, and the remainder divided 70%-30%. Prepare a schedule of the income allocation to each partner. Prepare the journal entry to record the allocation of net income. Compute Ehrlich's ending capital balance
- On December 31, 2020, the accounting records of Alma, Brenda, and Dely partnership included the following balances: Alma, drawing 60,000; Dely, drawing P22,500; Brenda loan P75,000; Alma, capital 307,500; Brenda, capital P251,250 and Dely, capital P270,000. The total assets of the partnership amounted to P1,196,250, including P131,250 cash, and partnership liabilities totaled P375,000. The partnership was liquidated Dec. 31 and Dely received P208,125 cash pursuant to the liquidation. Alma, Brenda and Dely share profits and losses in a 5:3:2 ratio, respectively. The loss on realization is: Group of answer choices 61,875 868,125 309,374 196,875On December 31, 2020, the accounting records of Alma, Brenda, and Dely partnership included the following balances: Alma, drawing 60,000; Dely, drawing P22,500; Brenda loan P75,000; Alma, capital 307,500; Brenda, capital P251,250 and Dely, capital P270,000. The total assets of the partnership amounted to P1,196,250, including P131,250 cash, and partnership liabilities totaled P375,000. The partnership was liquidated Dec. 31 and Dely received P208,125 cash pursuant to the liquidation. Alma, Brenda and Dely share profits and losses in a 5:3:2 ratio, respectively. The cash balance after payment of liabilities is: Group of answer choices 999,375 774,375 886,875 624,375The partnership contract for the SDF and MGB Partnership, a general partnership, provided for annual salaries of P140,000 and P175,000 to SDF and MGB, respectively, with the resulting profit or loss to be divided equally. • Profit before salaries for the year ended June 30, 2021 was P315,000. Required: Give the journal entry to transfer income summary account balance to drawing accounts of the partners.
- Part II: Problems 1. On January 1, 2021, Kaye, Erika and April formed a partnership with original capital contribution ratio or 4:5:1 for total agreed capitalization of P5,000,000. The profit or loss ratio agreement provides that profits shall be distributed in the ratio of 3:2:5 while losses shall be distributed in the ratio of 6:1:3. During 2021, the partnership reported net income of P2,000,000 with Kaye and Erika withdrawing P500,000 and P300,000, respectively. During 2022, the partnership reported net loss of P1,000,000 with Erika and April withdrawing P200,000 and P400,000 respectively. What is the adjusted capital balances of each partner on December 31, 2022?The partnership contract for the SDF and MGB Partnership, a generat partnership, provided for annual salaries of P140,000 and P175,000 to SDF and MGB, respectively, with the resulting profit or loss to be divided equally. 1. Profit before salaries for the year ended June 30, 2018 was P315,000. Required: Give the entry to transfer income summary account balance to drawing accounts of the partners.Assume the partnership income-sharing agreement calls for income to be divided with a salary of $41,000 to Coburn and $36,000 to Webb, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Income Summary Coburn, Capital Webb, Capital Debit 68000 Credit 33850 32150