Homework Answers
| Account Titles | Debit | Credit | |
| Cash | 85000 | ||
| S. Pagan,Capital | 8700 | =14500*6/10 | |
| T. Tabor,Capital | 5800 | =14500*4/10 | |
| W. Wolford,Capital | 70500 | ||
| Workings: | |||
| Total Capital after admission | 235000 | =100000+50000+85000 | |
| W. Wolford's share | 70500 | =235000*30% | |
| Bonus to partners | 14500 | =85000-70500 | |
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Exercise 12-12 a-b (Part Level Submission) S. Pagan and T. Tabor share income on a 6:4...
Exercise 12-12 S. Pagan and T. Tabor share income on a 7: 3 basis. They have...
Exercise 12-12 S. Pagan and T. Tabor share income on a 7: 3 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. Investment of $99,000 cash for a 30% ownership interest with bonuses to the existing partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and...
S. Pagan and T. Tabor share income on a 6:4 basis. They have capital balances of...
S. Pagan and T. Tabor share income on a 6:4 basis. They have
capital balances of $100,000 and $50,000, respectively, when W.
Wolford is admitted to the partnership.
Prepare the journal entry to record the admission of W. Wolford
under each of the following assumptions.
(b) Investment of $45,000 cash for a 30% ownership interest with a bonus to the new partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in Sheridan Company are as follows. Partner Capital Balance Income Ratio Trayer Emig Posada $59,500 35,500 30,500 50% 30% 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amour indent manually.) (1) Each of the continuing partners agrees to pay $18,600 in cash from personal funds to purchase Posada's ownership equity. Each receives 50%...
Exercise 12-02 a-b (Part Level Submission) (Video) K. Decker, S. Rosen, and E. Toso are forming...
Exercise 12-02 a-b (Part Level Submission) (Video) K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $53,900 of personal cash to the partnership. Rosen owns land worth $17,300 and a small building worth $78,600, which she transfers to the partnership. Toso transfers to the partnership cash of $13,300, accounts receivable of $35,600, and equipment worth $21,200. The partnership expects to collect $32,040 of the accounts receivable. (a) Prepare the journal entries to record each of...
PRINTER VERSION 4 BACK Exercise 12-10 (Part Level Submission) Prior to the distribution of cash to...
PRINTER VERSION 4 BACK Exercise 12-10 (Part Level Submission) Prior to the distribution of cash to the partners, the accounts in the VUP Company are: Cash $31,600; Vogel, Capital (CE) $18.400; Utech, Capital (C:) $16,400; and Pena, Capital (Dr.) $3,200. The income ratios are 5:3:2, respectively. VUP Company decides to liquidate the company, (a) Prepare the entry to record (1) Pena's payment of $3,200 in cash to the partnership and (2) the distribution of cash to the partners with credit...
Exercise 12-14 B. Higgins, J. Mayo, and N. Rice have capital balances of $91,500, $77,000, and...
Exercise 12-14 B. Higgins, J. Mayo, and N. Rice have capital balances of $91,500, $77,000, and $57,000, respectively. They share income or loss on a 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1. Rice is paid $61,240 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $45,000 in cash from partnership assets, and bonuses are granted to the remaining partners. Journalize the withdrawal of Rice...
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...
Exercise 12-5 (Part Level Submission) Coburn (beginning capital, $56,000) and Webb (beginning capital $94,000) are partners....
Exercise 12-5 (Part Level Submission) Coburn (beginning capital, $56,000) and Webb (beginning capital $94,000) are partners. During 2017, the partnership earned net income of $75,000, and Coburn made drawings of $14,000 while Webb made drawings of $21,000. ▼ (a) Assume the partnership income-sharing agreement calls for income to be divided 30% to Coburn and 70% to webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not...
having trouble of how to go about this problem... *Problem 12-04A a-b At April 30, partners'...
having trouble of how to go about this problem...
*Problem 12-04A a-b At April 30, partners' capital balances in Pharoah Company are G. Donley $53,400, C. Lamar $45,000, and J. Pinkston $20,600. The income sharing ratios are 5 : 4:1, respectively. On May 1, the PDLT Company is formed by admitting ). Terrell to the firm as a partner. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is...
K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital...
K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital balances of $28,200, $24,200, and $19,500, respectively, when Don Jernigan is admitted to the partnership. Prepare the journal entry to record the admission of Don Jernigan under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. Purchase of 50% of Kolmer’s equity for $19,500. b. Purchase of 50% of Eidman’s equity for $6,600....
Exercise 12-12 S. Pagan and T. Tabor share income on a 7: 3 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. Investment of $99,000 cash for a 30% ownership interest with bonuses to the existing partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and...
S. Pagan and T. Tabor share income on a 6:4 basis. They have
capital balances of $100,000 and $50,000, respectively, when W.
Wolford is admitted to the partnership.
Prepare the journal entry to record the admission of W. Wolford
under each of the following assumptions.
(b) Investment of $45,000 cash for a 30% ownership interest with a bonus to the new partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation...
Problem 12-05A a-b (Part Level Submission) On December 31, the capital balances and income ratios in Sheridan Company are as follows. Partner Capital Balance Income Ratio Trayer Emig Posada $59,500 35,500 30,500 50% 30% 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amour indent manually.) (1) Each of the continuing partners agrees to pay $18,600 in cash from personal funds to purchase Posada's ownership equity. Each receives 50%...
Exercise 12-02 a-b (Part Level Submission) (Video) K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $53,900 of personal cash to the partnership. Rosen owns land worth $17,300 and a small building worth $78,600, which she transfers to the partnership. Toso transfers to the partnership cash of $13,300, accounts receivable of $35,600, and equipment worth $21,200. The partnership expects to collect $32,040 of the accounts receivable. (a) Prepare the journal entries to record each of...
PRINTER VERSION 4 BACK Exercise 12-10 (Part Level Submission) Prior to the distribution of cash to the partners, the accounts in the VUP Company are: Cash $31,600; Vogel, Capital (CE) $18.400; Utech, Capital (C:) $16,400; and Pena, Capital (Dr.) $3,200. The income ratios are 5:3:2, respectively. VUP Company decides to liquidate the company, (a) Prepare the entry to record (1) Pena's payment of $3,200 in cash to the partnership and (2) the distribution of cash to the partners with credit...
Exercise 12-14 B. Higgins, J. Mayo, and N. Rice have capital balances of $91,500, $77,000, and $57,000, respectively. They share income or loss on a 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1. Rice is paid $61,240 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $45,000 in cash from partnership assets, and bonuses are granted to the remaining partners. Journalize the withdrawal of Rice...
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...
Exercise 12-5 (Part Level Submission) Coburn (beginning capital, $56,000) and Webb (beginning capital $94,000) are partners. During 2017, the partnership earned net income of $75,000, and Coburn made drawings of $14,000 while Webb made drawings of $21,000. ▼ (a) Assume the partnership income-sharing agreement calls for income to be divided 30% to Coburn and 70% to webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not...
having trouble of how to go about this problem...
*Problem 12-04A a-b At April 30, partners' capital balances in Pharoah Company are G. Donley $53,400, C. Lamar $45,000, and J. Pinkston $20,600. The income sharing ratios are 5 : 4:1, respectively. On May 1, the PDLT Company is formed by admitting ). Terrell to the firm as a partner. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is...
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