Homework Answers
3)
| Debit | Credit | ||
| a | Income Summary | $ 90,000.00 | |
| Holden, Capital | $ 45,000.00 | ||
| Phillips, Capital | $ 22,500.00 | ||
| Rogers, Capital | $ 22,500.00 | ||
| b | Income Summary | $ 90,000.00 | |
| Holden, Capital | $ 45,000.00 | ||
| Phillips, Capital | $ 27,000.00 | ||
| Rogers, Capital | $ 18,000.00 | ||
| c | Income Summary | $ 90,000.00 | |
| Holden, Capital | $ 26,666.67 | ||
| Phillips, Capital | $ 26,666.67 | ||
| Rogers, Capital | $ 36,666.67 |
4)
| Debit | Credit | |
| Land | $ 100,000.00 | |
| Building | $ 300,000.00 | |
| Note Payable | $ 198,000.00 | |
| Reilly, Capital | $ 202,000.00 | |
| Cash | $ 60,000.00 | |
| Equipment | $ 105,000.00 | |
| Wolf, Capital | $ 165,000.00 |
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3. Holden, Phillips, and Rogers are partners with beginning-year capital balances of $ 120,000, $60,000, and...
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Exercise 12-5 Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2017, the...
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Question 12 (4 points) Thandie and Marco are partners with capital balances of $60,000 each. They share profits and losses at 50%. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should Thandie's capital balance in the partnership be after the journal entry to record Chris's admittance into the firm? O $60,000 $50,000 O$45,000 O $30,000
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