None KAllen, Macer, and Bryant have capital balances of $22,000, $33,000, and $55,000, respectively. The partners shareprofits and losses as follows:a. The first $30,000 is divided based on the partners' capital balances.b. The next $30,000 is based on service, shared equally by Allen and Bryant, Macer does not receive a salaryallowance.c. The remainder is divided equally.Read the requirements.BryantTotal allocationNet income (loss) remaining for allocationNet income (loss) allocated to the partners2600014000งบบบ75000035000Requirement 2. Journalize the closing entry to allocate net income for the year. (Record debits first, then credits.Select the explanation on the last line of the journal entry table.)DateAccounts and ExplanationDebitCredit

Debits and credits are fundamental concepts in double-entry accounting, used to record transactions…

Answered: K Allen, Macer, and Bryant have capital…

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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Ramer and Knox began a partnership by investing $72,000 and $102,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $56,000 to Ramer and $44,800 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $110,800. 2. Determine each partner's share given a first-year net loss of $28,800. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net income of $110,800. Allocation of Partnership Income Ramer Knox Total Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners $ 56,000 $ 5,600 44,800 4,800 WIT $ 110,800 100,800 10,000 10,400 400 0…
Anderson, Moore, and Brenner have capital balances of $24,000, $36,000, and $60,000, respectively. The partners share profits and losses as follows: a. The first $50,000 is divided based on the partners' capital balances. b. The next $50,000 is based on service, shared equally by Anderson and Brenner. Moore does not receive a salary allowance. c. The remainder is divided equally. Requirements 1. Compute each partner's share of the $130,000 net income for the year. 2. Journalize the closing entry to allocate net income for the year.
Abram, Macher, and Bailey have capital balances of $20,000, $30,000, and $50,000, respectively. The partners share profits and losses as follows: a. The first $30,000 is divided based on the partners' capital balances. b. The next $30,000 is based on service, shared equally by Abram and Bailey. Macher does not receive a salary allowance. с. The remainder is divided equally. Read the requirements. Requirement 1. Compute each partner's share of the $78,000 net income for the year. (Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Abram Macher Bailey Total Net income (Iloss) Requirements Capital allocation: Abram 1. Compute each partner's share of the $78,000 net income for the year. Мacher 2. Journalize the closing entry to allocate net income for the year. Bailey Salary allowance: Abram Print Done Macher Bailey Total salary and capital allocation Net income (loss) remaining for allocation Remainder shared equally: Abram Macher Bailey…
Moore, Probst, and Tanski formed a partnership whose profit and loss agreement contained provisions summarized as follows:(attached)If the weighted-average capital is negative, interest at 10% will be charged against the partner’s profit allocation. All provisions of the profit and loss agreement should be satisfied and any resulting deficiency should be allocated based on the profit and loss percentages. Assuming current-year income of $168,000, determine how the income should be allocated to the partners.
Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000, respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively. Situations: A. No profit-sharing agreement B. No loss-sharing agreement C. Profit is divided equally D. Loss is divided 30:70, respectively Required: Compute the share of Cyril and James assuming: P800,000 profit Cyril P800,000 loss Cyril Situational Cases James James 1. A and B (1) (2) (3) (4) (5) (6) (7) (8) 2. B and C 3. A and D 4. C and D
Lewis, Zapata, and Fowler share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Lewis, $73,500 Cr.; Zapata, $41,000 Cr.;Fowler, $17,000 Dr.a. What term is applied to the debit balance in Fowler’s capital account?b. What is the amount of cash on hand?c. Journalize the transaction that must take place for Lewis and Zapata to receive cash in the liquidation process equal to their capital account balances.
Matthews, Williams, and Shen share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Matthews, $28,000 Cr.; Williams, $62,500 Cr.; Shen, $18,000 Dr. a. What term is applied to the debit balance in Shen’s capital account? b. What is the amount of cash on hand? c. Journalize the transaction that must take place for Matthews and Williams to receive cash in the liquidation process equal to their capital account balances. Liquidating partnerships— capital deficiency
PROBLEM: John and Paul are partners who share profits and losses in the ratio of 3:2respectively. John’s salary is P180,000 and Paul’s is P140,000. The partners are paid interest on their average capital balances where John received interest of P30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. QUESTION: If John received P280,000 from partnership income, what was the total partnership income? (Good Accounting Form)
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. Note: Enter all allowances as positive values. Enter losses as negative values. Required: Determine each partner's share given a first-year net income of $98,800. Determine each partner's share given a first-year net loss of $16,800. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
X and Y are partners and have beginning capital balances of P 360,000 and P 600,000, respectively. Partnership profits and losses are allocated as follows: salaries of P 160,000 and P 200,000 to X and Y, respectively; 10% interest on their beginning capital balances, any remaining profit is divided equally. Partnership profit of P 600,000 is allocated as follows: a. X – P 300,000; Y – P 300,000 b. X – P 280,000; Y – P 320,000 c. X – P 268,000; Y – P 332,000 d. X – P 192,000; Y – P 408,000
9 Ramer and Knox began a partnership by investing $72,000 and $102,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $56,000 to Ramer and $44,800 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Determine each partner's share given a first-year net income of $110,800. 2. Determine each partner's share given a first-year net loss of $28,800. Complete this question by entering your answers Required 1 Required 2 Determine each partner's share given a first-year net ir Allocation of Partnership Income Ramer Knox Total Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners $ 56,000 5,600 $ 44,800 4,800 Required 1 $ 110,800 100,800 10,000 10,400 400 0 Required 2
Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000,respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively.Situations:A. No profit-sharing agreementB. No loss-sharing agreementC. Profit is divided equallyD. Loss is divided 30:70, respectivelyRequired: Compute the share of Cyril and James assuming:P800,000 profit P 4. C and D (

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