Homework Answers
Ans:
Journal Entry for Withdrawal From Partnership ,Payment from Partnership Assets
| Accounting and Explanation | Debit | Credit |
| Fernetti capital | $20,000 | |
| Lango Capital (50%*$4000) | $2000 | |
| Oslo Capital (50%*$4000) | $2000 | |
| Cash | $24,000 |
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*BE12-9 Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000. Lango and...
BE12-10 ONLY BE12-9 Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000....
BE12-10 ONLY
BE12-9 Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000. Lango and Oslo each agree to pay Fernetti $12,000 from their personal assets Lango and Oslo each receive 50% of Fernet ti s equity. T he partners share income equally Journalize the withdrawal of Fernetti. BE12-10 Data pertaining to Pelmar Co. are presented in BE12-9. Instead of payment from personal assets, assume that Fernetti receives $24,000 from partnership assets in withdrawing from the firm....
BE12.11 (LO 5) AP In ABC Co., the capital balances of the partners are A. Ali...
BE12.11 (LO 5) AP In ABC Co., the capital balances of the partners are A. Ali $30,000; S. Babson $25,000; and K. Carter $36,000. The partners share profit equally. On June 9 of the current year, D. Dutton is admitted to the partnership by purchasing one half of K. Carter's interest for $20,000 paid to him personally. Journalize the admission of Dutton on June 9. BE12.12 (LO 5) AP In Eastwood partnership, capital balances are Irey $40,000 and Pedigo $50,000....
BE12-8 In Eastwood Co., capital balances are Irey $40,000 and Pedigo $50,000. The part- ners share...
BE12-8 In Eastwood Co., capital balances are Irey $40,000 and Pedigo $50,000. The part- ners share income equally. Vernon is admitted to the firm with a 45% interest by an invest- ment of cash of $58,000. Journalize the admission of Vernon.
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Trayer Emig Posada Capital Balance $60,000 40,000 30,000 Income Ratio 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent mane (1) Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of...
yuiuuLIUI13. Assignment: Problem 1: Eaton and Foley have capital balances of &50,000 and $30,000 respectively, at...
yuiuuLIUI13. Assignment: Problem 1: Eaton and Foley have capital balances of &50,000 and $30,000 respectively, at the beginning of the current fiscal year. The articles of partnership provide for an interest allowance at a rate of 8% on the capital balances at the beginning of the year, salary allowances of $18,000 and $12,000 respectively and the remaining net income divided equally. Net income for the current year is $30,000. a) Divide the net income between the partners. thon b) Prepare...
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital...
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital Balance Income Ratio Partner Trayer Emig Posada $59,500 38,500 35,000 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not ind (1) Each of the continuing partners agrees to pay $17,200 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. (2)...
In addition, find the ratio BE12-6 After Mann Co. are Cash $21,000; (Cr) $4,000. The partners...
In addition, find the ratio
BE12-6 After Mann Co. are Cash $21,000; (Cr) $4,000. The partners share income equally. Journalize the final distribution of cash to the partners liquidating noncash assets and paying creditors, account balances in the : A, Capital (Cr.) $8,000; B, Capital (Cr:) $9,000; and C, Capital
Exercise 12-6 For National Co., beginning capital balances on January 1, 2017, are Nancy Payne $20,000...
Exercise 12-6 For National Co., beginning capital balances on January 1, 2017, are Nancy Payne $20,000 and Ann Dody, $18, was $40,000, and the partners share income equally 000. During the year, drawings were Payne $8,000 and Dody. $5,000. Net income 4 Prepare the partners' capital statement for the year. (List items that increase partners" capital first.) NATIONAL CO Partners' Capital Statement N. Payne A. Dody Total Prepare the ownerslequity section of the balance sheet at December 31, 2017 NATIONAL...
Exercise 12-13 N. Essex, C. Gilmore, and C. Heganbart have capital balances of $51,300, $38,600, and...
Exercise 12-13 N. Essex, C. Gilmore, and C. Heganbart have capital balances of $51,300, $38,600, and $31,500, respectively. Their income ratios are 4:4:2. Heganbart withdraws from the partnership under each of the following independent conditions. 1. Essex and Gilmore agree to purchase Heganbart's equity by paying $17,200 each from their personal assets. Each purchaser receives 50% of Heganbart's equity. 2. Gilmore agrees to purchase all of Heganbart's equity by paying $12,200 cash from her personal assets. 3. Essex agrees to...
If Emig’s capital balance after Posada’s withdrawal is $48,250, what were (1) the total bonus to...
If Emig’s capital balance after Posada’s withdrawal is $48,250,
what were (1) the total bonus to the remaining partners and (2) the
cash paid by the partnership to Posada?
(1)
Total bonus
$
(2)
Cash paid to Posada
$
On December 31, the capital balances and income ratios in Carla
Vista Company are as follows.
Partner
Capital Balance
Income Ratio
Trayer
$64,500
50%
Emig
44,500
30%
Posada
29,500
20%
Your answer is correct.
Journalize the withdrawal of Posada under each...
BE12-10 ONLY
BE12-9 Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000. Lango and Oslo each agree to pay Fernetti $12,000 from their personal assets Lango and Oslo each receive 50% of Fernet ti s equity. T he partners share income equally Journalize the withdrawal of Fernetti. BE12-10 Data pertaining to Pelmar Co. are presented in BE12-9. Instead of payment from personal assets, assume that Fernetti receives $24,000 from partnership assets in withdrawing from the firm....
BE12-8 In Eastwood Co., capital balances are Irey $40,000 and Pedigo $50,000. The part- ners share income equally. Vernon is admitted to the firm with a 45% interest by an invest- ment of cash of $58,000. Journalize the admission of Vernon.
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Trayer Emig Posada Capital Balance $60,000 40,000 30,000 Income Ratio 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent mane (1) Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of...
yuiuuLIUI13. Assignment: Problem 1: Eaton and Foley have capital balances of &50,000 and $30,000 respectively, at the beginning of the current fiscal year. The articles of partnership provide for an interest allowance at a rate of 8% on the capital balances at the beginning of the year, salary allowances of $18,000 and $12,000 respectively and the remaining net income divided equally. Net income for the current year is $30,000. a) Divide the net income between the partners. thon b) Prepare...
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital Balance Income Ratio Partner Trayer Emig Posada $59,500 38,500 35,000 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not ind (1) Each of the continuing partners agrees to pay $17,200 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. (2)...
In addition, find the ratio
BE12-6 After Mann Co. are Cash $21,000; (Cr) $4,000. The partners share income equally. Journalize the final distribution of cash to the partners liquidating noncash assets and paying creditors, account balances in the : A, Capital (Cr.) $8,000; B, Capital (Cr:) $9,000; and C, Capital
Exercise 12-6 For National Co., beginning capital balances on January 1, 2017, are Nancy Payne $20,000 and Ann Dody, $18, was $40,000, and the partners share income equally 000. During the year, drawings were Payne $8,000 and Dody. $5,000. Net income 4 Prepare the partners' capital statement for the year. (List items that increase partners" capital first.) NATIONAL CO Partners' Capital Statement N. Payne A. Dody Total Prepare the ownerslequity section of the balance sheet at December 31, 2017 NATIONAL...
Exercise 12-13 N. Essex, C. Gilmore, and C. Heganbart have capital balances of $51,300, $38,600, and $31,500, respectively. Their income ratios are 4:4:2. Heganbart withdraws from the partnership under each of the following independent conditions. 1. Essex and Gilmore agree to purchase Heganbart's equity by paying $17,200 each from their personal assets. Each purchaser receives 50% of Heganbart's equity. 2. Gilmore agrees to purchase all of Heganbart's equity by paying $12,200 cash from her personal assets. 3. Essex agrees to...
If Emig’s capital balance after Posada’s withdrawal is $48,250,
what were (1) the total bonus to the remaining partners and (2) the
cash paid by the partnership to Posada?
(1)
Total bonus
$
(2)
Cash paid to Posada
$
On December 31, the capital balances and income ratios in Carla
Vista Company are as follows.
Partner
Capital Balance
Income Ratio
Trayer
$64,500
50%
Emig
44,500
30%
Posada
29,500
20%
Your answer is correct.
Journalize the withdrawal of Posada under each...
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