What is Paul’s capital balance after closing the revenue and expense accounts to the capital accounts?

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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

Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. Determine their participation in the year's net income of $136,000 under each of the following independent assumptions: a. No agreement concerning division of net income.b. Divided in the ratio of original capital investment.c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3.d. Salary allowances of $47,000 and $59,000, respectively, and the balance divided equally.e. Allowance of interest at the rate of 5% on original investments, salary allowances of $47,000 and $59,000, respectively, and the remainder divided equally.

Winnie and Minnie form a partnership. Winnie contributed $5,000 cash and $20,000 in inventory. Minnie contributes $8,000 in cash and land with a current market value of $60,000. The land originally cost $30,000. Minnie also brings over a $20,000 liability to the partnership. Which of the following is correct? Select one: O a. Minnie, capital is credited for 68,000 b. Winnie, capital is debited for 25,000 c. Minnie, capital is credited for 48,000 O d. Winnie, capital is credited for $5,000

John Prado and Ayana Nicks formed a partnership, dividing income as follows:1. Annual salary allowance to Prado, $10,000 and Nicks, $28,000.2. Interest of 5% on each partner’s capital balance on January 1.3. Any remaining net income divided equally.Prado and Nicks had $20,000 and $50,000, respectively, in their January 1 capital balances. Net income for the year was $30,000.How much net income should be distributed to Prado and Nicks?

The following is the Balance Sheet of Mohammed and Hamed who share profits in the ratio of 5:4. Balance Sheet as at 31-12-2021 Liabilities Amount Assets (RO.) Amount (RO.) Sundry Creditors 30,000 Cash in Hand Capital Account Debtors Stock 90,000 Furniture 30,000 20,000 30,000 10,000 Plant and Machinery 30,000 Total 120,000 Total 120,000 On that date Marwan is admitted into the partnership on the following terms • That Marwan is to bring in OMR 30,000 as capital and OMR 10,000 as premium for goodwill for 1/5th share. • That the value of stock is reduced by 10% while plant & machinery is appreciated by 10%. • That furniture is devalued at OMR 8,500 • That a provision for doubtful debt is to be created on sundry debtors at 7.5% and OMR 150 is to be provided for electricity bill. • Investment worth OMR 5,000 (not mentioned in the balance sheet) is to be taken into account. • A creditor of OMR 300 is not likely to claim his money and is to be written off. Required: Record journal entries…

Required information [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $160,000. Note: Do not round intermediate calculations. Fraction to Allocate Ramer Ramer's Share Fraction to Allocate Knox's Share of Total Income of Income Knox Income Allocated $125,000 / $50,000 $125,000/ $75,000 $50,000/ $125,000 $50,000/ $75,000 $ 0

Ramer and Knox began a partnership by Investing $62,000 and $93,000, respectively. During its first year, the partnership earned $190,000. Prepare calculations showing how the $190,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $190,000. Note: Do not round intermediate calculations. Fraction to Allocate Ramer Ramer's Share of Income Fraction to Allocate Knox Knox's Share of Income Total Income Allocated $ 0

Rex and Kelsey are partners who share income in the ratio of 3:2. Their capital balances are $95,000 and $140,000 respectively, on January 1. The partnership generated net income of $40,000 for the year. What is Rex's capital balance after closing the revenue and expense accounts to the capital accounts? a. $71,000 b. $119,000 c. $146,000 d. $111,000 e. None of the above.