Ask for income allocation and statement of parners capital and 4 journals entries CDEprofitresidualsalary allowatob cap balinterest %netincomesalary allowancesubtotalinterestsubtotalbased on %allocatedF100,00010,000100,000abcincome allocation schededuley/e 12/31/221,000158800259,8005b20,0002,000198500200,500600,000CH150,000500,00050,00060000039700139,700total60000050,000 (150,000)450,00010%(53,000)397,000-397000M

A partnership is a type of business organization where two or more persons come together to achieve…

Answered: Ask for income allocation and statement…

Business

Accounting

Ask for income allocation and statement of parners capital and 4 journals entries

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: With illustrations, show how you would interpret Financial statements to the different stake holders…

A: Financial Statements: Income Statement Revenue: $2,000,000 Expenses: $1,500,000 Net Income: $500,000…

Q: Which of the following describes the purpose of the statement of shareholders' equity? Multiple…

A: Stockholde's equity statement includes issuance of common and preferred stock, Additional paid in…

Q: What is the base vertical analysis on the balance sheet? The first year presented Total…

A: Horizontal and Vertical analysis are one of the tools for analysis of financial statements. It helps…

Q: please answer within the format by providing formula the detailed working Please provide answer in…

A: Return on Equity( ROE) is a fiscal ratio that measures a company's profitability and effectiveness…

Q: Explain the components of income statement, Owners equity Statement and Balance sheet statement?

A: Income Statement: It is a financial statement prepared by a company at the end of a financial…

Q: Match each computation to one of the profitability measures in the table. Profitability Measures…

A: Assets turnover ratio = net sales /average total Assets Return on total Assets = net income/average…

Q: Horizontal analysis involves: Multiple Choice Comparing individual financial statement line items…

A: The horizontal analysis is used to measure the change over the last year. It is helpful for the…

Q: Tunstall, Incorporated, a small service company, keeps its records without the help of an…

A: Income statement is a financial statement that records all the income and expenses of the business…

Q: (Classification of Balance Sheet Accounts) Assume that Fielder Enterprises uses the following…

A: A balance sheet is essentially a financial snapshot of a corporation or individual at a given point…

Q: 5 Examples of Income Items derived from whatever source

A: 'Income from Other Sources' is one of the five types of income subject to taxation, according to the…

Q: Format to be used: Financial impact Asset Equity Financial Account impact +500 Bank Financial…

A: The objective of the question is to understand the impact on the financial accounts when there is an…

Q: What additional supplementary information should be included as part of the financial statements…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Calculate RETURNED ON INVESTED CAPITAL by referring the pictures of Financial Position and Statement…

A: Please see the next step for the solution

Q: Balance Sheet ClassificationA balance sheet contains the following classifications:(a) Current…

A: Balance Sheet Classification: Assets Liabilities and Stockholders equity (a) Current assets…

Q: hich of the following provides information about how many months of living expenses you can cover…

A: Just like companies we also use financial ratios for a person to determine the state of financial…

Q: Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement…

A: EQUITY MULTIPLIEREquity Multiplier is the ratio between Average Total Assets & Average…

Q: Splish Company provides you with the following condensed balance sheet information: Current assets…

A: Under U.S. GAAP, stock dividends can be categorized into the following types:-1. Small stock…

Q: would you please explain in step 4 from where you got the total assets and total equity

A: P/E ratio means Price -Earnings ratio. 1) P/E ratio = Market Price per share/Earnings per…

Q: Required Compute each of the following: (Round your answer to 2 decimal places. For percentages,…

A: Ratio Analysis -Ratio Analysis is a computation of ratios on the basis of Financial Statements.…

Q: Consider this simplified balance sheet for Geomorph Trading: Current assets Long-term assets $ 110…

A: A) Debt-Equity Ratio=Total debt/Total shareholders' equity Total debt=Long term debt+ current…

Q: Use the following information from XYZ Company's balance sheet to answer the next six questions:…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Knowledge Check 01 Which of the following describes how working capital is computed? Multiple Choice…

A: Working Capital is the operating liquidity of the company which is available to business or entity.…

Q: a. Compute the current ratio for the current year. (Abbreviations used: STI = Short-term…

A: *Since you have posted multiple sub parts at a time. As per guidelines I can solve only first three…

Q: use the following information to make a Common size income statement

A: The income statement is prepared at the end of the accounting year to report profit or loss for the…

Q: Following is the balance sheet of Rooney Company for Year 3: ROONEY COMPANY Balance sheet Assets $…

A: Ratio analyses are used to compare the data of two or more years. It helps for the decision-making…

Q: The following items and amounts were taken from Wildhorse Inc.'s 2025 income statement and balance…

A: Total revenue of wildhorse Inc comprises of both Sales and service revenue

Q: Consider this simplified balance sheet for Geomorph Trading: Current assets Long-term assets $ 245…

A: Current Assets = $245Long-term Assets = $630Current Liabilities = $170Long-term Debt = $215Other…

Q: On January 1, Allen Corporation purchased 30% of the 30,000 outstanding common shares of Towne…

A: FV-NI, or fair value through net income, indicates that changes (gains or losses) in the fair value…

Q: The cumulative balance of other comprehensive income is reported in (Enter 1, 2, 3, or 4 that…

A: The accumulated other comprehensive income consists of all the unrealized gains and losses.

Q: sales of $10.6 million. It wishes to analyze expected performance and financing needs for 2021-2…

A: balance sheet is a statement which shows the financial position of the firm at a particular point…

Q: Which of the following accounts belongs in the liability section of a balance sheet? Select an…

A: Among the options provided, "Accounts payable" belongs in the liability section of a balance sheet..

Q: 877 Stargel Inc. Comparative Income Statement the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Question

Ask for income allocation and statement of parners capital and 4 journals entries

C
D
E
profit
residual
salary allowat
ob cap bal
interest %
netincome
salary allowance
subtotal
interest
subtotal
based on %
allocated
F
100,000
10,000
100,000
abc
income allocation schededule
y/e 12/31/22
1,000
158800
259,800
5
b
20,000
2,000
198500
200,500
600,000
C
H
1
50,000
500,000
50,000
600000
39700
139,700
total
600000
50,000 (150,000)
450,000
10%
(53,000)
397,000
-397000
M

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

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

Suppose that you are doing a financial statement analysis. Assume you took a financial statement and divided every entry amount in the statement by the amount of total assets. The resulting statement is commonly called a? current ratio common base year income statement common size balance sheet common size income statement common base year balance sheet .DO NOT GIVE PLAGRIZED ANSWER
Question: Determine the missing amount from each of the expanded accounting equation below: Assets Liabilities Capital (Beg. Bal) Owner's Equity Drawings Profit/Loss 97,600 85,400 48,800 ? (24,400) Explain Please.
select the item that best completes each of the decriptions below A(n)____ is a record of increases and decreases in a spefic asset, liability, equity, revenues, or expenses items. A(n)____ is a resource owned or controlled by a company A common stock and dividendes are examples of___ accounts A(n)____ is a obilgations to transfer assets to others ___ are people and organziations that are entitlied to recieve payments from a company
Is the balance column for profit and loss (capital equity) a CR or DR?
Can you help me with #11-#13?
Please help me with all answers I will give upvote thanku
Required: 1. Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) Sales Current assets: Cash Accounts receivable, net Inventory Total current assets Current liabilities Year 1 % % % % % % Year 2 % % % % % % Year 3 % % % % % % Year 4 % % % % % Year 5 % % % % %
Guys could you please help me: I'm attaching AT&T's Balance Sheet and Income Statement for the analysis.I'd really appreciate help with the following: Perform a vertical financial analysis incorporatingi. Debt ratioii. Debt to equity ratioiii. Return on assetsiv. Return on equityv. Current ratiovi. Quick ratiovii. Inventory turnoverviii. Days in inventoryix. Accounts receivable turnoverx. Accounts receivable cycle in daysxi. Accounts payable turnoverxii. Accounts payable cycle in daysxiii. Earnings per share (EPS)xiv. Price to earnings ratio (P/E)xv. Cash conversion cycle (CCC), andxvi. Working capitalxvii. Explain Dupont identity, apply it to your selected company, interpret thecomponents in Dupont identity.
use the information to make a common size balance sheet
Given the following Balance Sheet and Income Statement information Balance Sheet $1,338,185 Total Liabilities: $549,219 Total Assets: Income Statement Earnings Before Income Tax: $211,636 Income Tax Expense: What is the Return on Equity? $42.717
118 Using the information given below, prepare an Income Statement, Statement of retained earnings, and Balance Sheet for Rapid Car Services from the adjusted trial balance. Cash Accounts receivable Office supplies Vehicles Accumulated depreciation Accounts payable Common stock Retained earnings Dividends Services revenue Rent expense Office supplies expense Utilities expense Rapid Car Services Adjusted Trial Balance December 31 Salaries expense Depreciation expense Vehicles Fuel expense Totals Vehicles Debit $ 33,000 14,200 1,700 100,000 40,000 13,000 2,000 2,500 15,000 50,000 12,000 $ 283,400 Credit 45,000 11,500 20,000 51,900 155,000 $ 283,400