Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 12, Problem 4QC
Which financial statement shows the changes in each partner’s capital account for a specific period of time?
Learning Objective 2
Balance Sheet - Income Statement
- Statement of Partner’s Equity
- Statement of Owner’s Equity
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Students have asked these similar questions
An account in which a partner's interest in a firm is recorded; it is
increased by owner investments and net income and decreased by
withdrawals and net losses.
Partner's Drawing
Partner's Capital
O Income Summary
O Owner's Equity
Salary expense has been incurred but not yet paid to employees will be:
a.
Added to partners' capital
b.
Added to share of profits of partners
c.
Added to current assets in the balance sheet
d.
Added to corresponding expense in the income statement
LEARNING MODULES
O CPALE Simulation Level 16
1. Cash settlements between and among
2. When property other than cash is invested in
a partnership, at what amount should the
non-cash property be credited to the
contributing partner's capital account?
a. fair value at the date of contribution
partners to equalize their initial capital
credits are
a. recorded in the partnership books
b. not recorded in the partnership books
c. accounted for as an additional investment to b. contributing partner's original cost
the partnership or as withdrawals or
investments from the partnership
d. a and c
3. A partner who is entitled to a share of the
profits from a partnership is known as
a. a salaried partner
b. a managing partner
c. an equity partner
d. a limited partner
5. An advantage of the partnership as a form of
business organization would be
a. partners do not pay income taxes on their
share in partnership income
c. assessed valuation for property tax purposes
d. contributing partner's tax basis…
Chapter 12 Solutions
Horngren's Accounting (12th Edition)
Ch. 12 - Prob. 1QCCh. 12 - Prob. 2QCCh. 12 - Prob. 3QCCh. 12 - Which financial statement shows the changes in...Ch. 12 - Prob. 5QCCh. 12 - Prob. 6QCCh. 12 - Prob. 7QCCh. 12 - Peter and Steve admit Meredith to their...Ch. 12 - Prob. 9QCCh. 12 - Prob. 10QC
Ch. 12 - Prob. 1RQCh. 12 - Prob. 2RQCh. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - Prob. 5RQCh. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 12 - Prob. 12RQCh. 12 - Prob. 13RQCh. 12 - Prob. 14RQCh. 12 - Prob. 15RQCh. 12 - What are the three steps involved in liquidation...Ch. 12 - Prob. 17RQCh. 12 - Prob. S12.1SECh. 12 - Prob. S12.2SECh. 12 - Prob. S12.3SECh. 12 - Prob. S12.4SECh. 12 - Prob. S12.5SECh. 12 - S12-6 Accounting for the admission of a new...Ch. 12 - Accounting for the admission of a new partner...Ch. 12 - Prob. S12.8SECh. 12 - Prob. S12.9SECh. 12 - Prob. S12.10SECh. 12 - Prob. S12.11SECh. 12 - Prob. S12.12SECh. 12 - Prob. E12.13ECh. 12 - Prob. E12.14ECh. 12 - Prob. E12.15ECh. 12 - Prob. E12.16ECh. 12 - Prob. E12.17ECh. 12 - Prob. E12.18ECh. 12 - Prob. E12.19ECh. 12 - Prob. E12.20ECh. 12 - Prob. E12.21ECh. 12 - Prob. E12.22ECh. 12 - Determining characteristics of a partnership and...Ch. 12 - Prob. P12.24APGACh. 12 - Prob. P12.25APGACh. 12 - Prob. P12.26APGACh. 12 - Prob. P12.27APGACh. 12 - Prob. P12.28APGACh. 12 - Prob. P12.29APGACh. 12 - Prob. P12.30APGACh. 12 - Prob. P12.31BPGBCh. 12 - Prob. P12.32BPGBCh. 12 - Prob. P12.33BPGBCh. 12 - Prob. P12.34BPGBCh. 12 - Prob. P12.35BPGBCh. 12 - Accounting for the liquidation of a partnership...Ch. 12 - Prob. P12.37BPGBCh. 12 - Prob. P12.38BPGBCh. 12 - Prob. P12.39CTCh. 12 - P12-40 Accounting for partner contributions,...Ch. 12 - Prob. 12.1TIATCCh. 12 - Prob. 12.1DCCh. 12 - Prob. 12.2DCCh. 12 - Prob. 12.1EICh. 12 - Prob. 12.1FSC
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- A statement of changes in partners' equity should Include all of the following except a. Beginning capital balances. b. Investments during the period. c. Partner's payments of loans. d. Withdrawals during the period. e. Ending capital balances. f. Share of profit for the period.arrow_forwardFINANCIAL ACCOUNTING AND REPORTING LEARNING MODULES 11. Under the bonus method, the asset contribution of the partner receiving a bonus is debited at a. fair value b. an increased amount with a corresponding decrease to the other partner's asset 12. Qand R formed a partnership. Q contributed cash of P500,000 while R contributed land with a carrying amount of P400,000 and a fair value of P800,000. The land has an unpaid mortgage of P200,000 which is assumed by the partnership. How much is the correct valuation of R's capital immediately after the partnership formation? a. P400,000 b. P500,000 C. P600,000 d. P800,000 contributions c. a decreased amount with a corresponding increase to the other partner's asset contributions d. bor c, depending on which partner is receiving the bonus 13. On July 1, a partnership was formed by Wand 14. Tingga contributes equipment to a B. W contributed the cash. B previously a sole proprietor, contributed property other than cash including realty subject…arrow_forward26. Salary expense has been incurred but not yet paid to employees will be: a. Added to share of profits of partners b. Added to corresponding expense in the income statement c. Added to current assets in the balance sheet d. Added to partners' capitalarrow_forward
- Partners' Current account balance changes every yedr because O a. Interest on capital, interest on drawings, salary etc. are recorded O b. Revenue and operating expenses are recorded O c. Assets and liabilities are recorded O d. Additional capital and permanent withdrawal of capital are recordedarrow_forwardHow much was the bonus debited or credited in partner Bruce’s capital account? SHOW ANSWER IN A GOOD ACCOUNTING FORM.arrow_forwardWhich one of the following will be recorded under debit side of the partners' capital account? a. Partner's salary b. Partners' share of profit c. Interest on capital d. Interest on drawingsarrow_forward
- What is a summary of the changes in each partner's capital in a partnership that have occurred during a specific period of time called? Group of answer choices balance sheet statement of partnership equity Income statement statement of cash flowsarrow_forwardRequired: preparea. Revaluation account b. Goodwill account c. Retiring partner's (Inie) accountarrow_forwardGaining ratio is computed on: O a. Admission of a partner O b. Retirement of a partner O c. Retirement or death of a partner o d. Death of a partnerarrow_forward
- Explain using practical example how a partner with a debit balance on his capital account will be accounted for in a partnership account?arrow_forward28) Salary expense has been incurred but not yet paid to employees will be: a. Added to corresponding expense in the income statement b. Added to partners' capital c. Added to current assets in the balance sheet d. Added to share of profits of partnersarrow_forwardWhich financial statement of a partnership reflects the profitability of the business? A. Statement of Financial Position B. Statement of Cash Flows C. Statement of Comprehensive Income D. Statement of Changes in Equityarrow_forward
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