Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $248,000, and Atkins's beginning partnership capital balance for the current year is $108,000. The partnership had net income of $377,000 for the year. Barber withdrew $101,000 during the year and Atkins withdrew $63,000. What is Barber's ending equity? Multiple Choice $195,500 $524,000 $625,000 $335,500 $436,500

Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $248,000, and Atkins's beginning partnership capital balance for the current year is $108,000. The partnership had net income of $377,000 for the year. Barber withdrew $101,000 during the year and Atkins withdrew $63,000. What is Barber's ending equity? Multiple Choice $195,500 $524,000 $625,000 $335,500 $436,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda Adams Fergie Gomez Total capital Answer each of the following independent questions: a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $270,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $350,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your Intermediate calculations. Round your final answers to the nearest dollar amounts.) a. Pineda Adams $ 300,000 260,000 230,000 210,000 $1,000,000 Gomez b. Adams Fergie Gomez Capital Balance
The E.N.D. partnership has the following capital balances as of the end of the current year: $ 190,000 170,000 Pineda Adams Fergie 160,000 Gomez 150,000 Total capital $ 670,000 Answer each of the following independent questions: a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $203,000 based on the terms the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $290,000 based on the terms the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (D not round your intermediate calculations. Round your final answers to the nearest dollar amounts.) Capital Balance a. Pineda Adams Gomez b. Adams Fergie Gomez
(J) The partnership agreement for Wilson, Pickett & Nelson, a general partnership, provided that profits or losses be shared between the partners in the ratio of their financial contributions to the partnership. Wilson contributed $65,000, Pickett contributed $39,000 and Nelson contributed $13,000. In the partnership's first year of operation, it incurred a loss of $184,500. What amount of the partnership's loss is allocated to Nelson? Multiple Choice : $46,125 $92,250 $61,500 $20,500 $0
The E.N.D. partnership has the following capital balances as of the end of the current year: $ 280,000 240,000 210,000 190,000 $ 920,000 Pineda Adams Fergie Gomez Total capital Answer each of the following independent questions: a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $262,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $305,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.) Capital Balance a. Pineda Adams Gomez b. Adams Fergie Gomez
The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda $ 270,000 Adams 240,000 Fergie 230,000 Gomez 220,000 Total capital $ 960,000 Answer each of the following independent questions: Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $269,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $355,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.)
Peters and Chong are partners and share equally in income or loss. Peters' current capital balance is $150,000 and Chong's is $140,000. Peters and Chong agree to accept Aaron with a 30% interest in the partnership. Aaron invests $118,000 in the partnership. The amount credited to Aaron's capital account is: Multiple Choice $122,400. $118,000. $268,000. $80,400. $128,000.
The SSC, a cash-method partnership, has a balance sheet that includes the following assets on December 31 of the current year: Basis FMV $ 180,000 $ 180,000 0 Cash Accounts receivable 60,000 120,000 $ 270,000 $360,000 Susan, a one-third partner, has an adjusted basis of $90,000 for her partnership interest. If Susan sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Susan's gain or loss from the sale? Group of answer choices $10,000 capital gain $10,000 ordinary income $20,000 ordinary income; $10,000 capital gain $10,000 capital loss; $20,000 ordinary income Land Total 90,000
The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda 160,000 Adams 140,000 Fergie 130,000 Gomez 120,000 Answer each A. Assume that the partners and losses 3:3:2:2,respectively. Fergie retires and is paid 151,000 based on the terms of the orginal partnership agreement. If the Goodwill method is used;what is the capital of the remaining three partners? B. Assume that the partners share profit and losses 4:3:2:1, respectively. Peneda retires and is paid 305,000 based on the terms of the orginal partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round intermediate calculations. Round to the nearest amounts. A. Pineda capital Balance__________ Adams capital Balance__________ Gomez capital Balance__________ B. Pineda capital Balance__________ Adams capital Balance__________ Gomez capital Balance__________
Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $199,800 and $62,680, respectively. Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis. Assume the sale occurs on December 31. What entry is required by the partnership if the sales price is (a) $66,600? (b) $87,700?
Prior to liquidating their partnership, Craig and Jenny had capital accounts of $60,570 and $116,570, respectively. The partnership assets were sold for $214,550. The partnership had $23,370 of liabilities. Craig and Jenny share income and losses equally. Determine the amount received by Jenny as a final distribution from liquidation of the partnership.