Jaime Keller has a $37,720 capital balance in a partnership. She sells her interest to Sam Parmenter for $41,400 cash. What entry is made by the partnership for this transaction? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Jaime Keller has a $37,720 capital balance in a partnership. She sells her interest to Sam Parmenter for $41,400 cash. What entry is made by the partnership for this transaction? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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

please do not give solution in image format
please answer questions no. 4,5,6, and 7. provide solutions/explanation.
H1. Stock investment is NOT 2,540 and land is NOT 10,200.
6. Intention to create legal relations are presumed in which of the following relationships. In the statements below Select TRUE or FALSE. True False Husband paying £30 per week for wife's upkeep with a verbal agreement Work colleagues who are part of a lottery syndicate Parties to a commercial contract Friends who are going to meet for a dinner date
The following is the Balance Sheet of Mohammed and Hamed who share profits in the ratio of 5:4. Balance Sheet as at 31-12-2021 Liabilities Amount Assets (RO.) Amount (RO.) Sundry Creditors 30,000 Cash in Hand Capital Account Debtors Stock 90,000 Furniture 30,000 20,000 30,000 10,000 Plant and Machinery 30,000 Total 120,000 Total 120,000 On that date Marwan is admitted into the partnership on the following terms • That Marwan is to bring in OMR 30,000 as capital and OMR 10,000 as premium for goodwill for 1/5th share. • That the value of stock is reduced by 10% while plant & machinery is appreciated by 10%. • That furniture is devalued at OMR 8,500 • That a provision for doubtful debt is to be created on sundry debtors at 7.5% and OMR 150 is to be provided for electricity bill. • Investment worth OMR 5,000 (not mentioned in the balance sheet) is to be taken into account. • A creditor of OMR 300 is not likely to claim his money and is to be written off. Required: Record journal entries…
Required information [The following information applies to the questions displayed below.] Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Cash Accounts receivable Stock investment Land Totals Tax Basis $ 18,360 7,740 31,200 FMV $ 18,360 0 24,480 12,600 38,400 $ 57,300 $ 93,840 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,780. Note: Leave no answer blank. Enter zero if applicable. b. What is Melissa's basis in the distributed assets? Answer is not complete. Basis Cash $ 6,120 Accounts receivable $ Stock investment Land
Bill and Bob share profits of their p
Case Study Louise Mathew is one of three full partners in a newly formed business. Without the permission of the other two partners, she enters into a written contract with a creditor. The transaction binds the firm in the amount of $75,000. Louise then leaves the area and cannot be located by the other two partners. Directions: Answer the following questions and include the characteristics of this business form to provide support for your answer. Are the other two partners liable for the $75,000? What legal features of the partnership apply to this case? Is what Louise has done legal?
vj subject-Accounting
Please do not give solution in image format ?.
Arnold and Brandon are sole proprietors who decided to merge their business and form a partnership. Their business will be named Arnold and Brandon Salon and Spa. Below are the details of the records of each partner’s business prior to partnership formation: ARNOLD BRANDON DR (CR) DR (CR) CASH 159,604.00 195,034.00 ACCOUNTS RECEIVABLE 453,030.00 693,208.00 INVENTORY 305,029.00 259,403.00 SUPPLIES 5,000.00 6,500.00 PREPAID EXPENSES 12,340.00 5,049.00 LAND 100,000.00 BUILDING 250,000.00 EQUIPMENT 400,000.00 ACCOUNTS PAYABLE (204,023.00) (320,494.00) NOTES PAYABLE (150,000.00) (250,000.00) ARNOLD, CAPITAL ? BRANDON, CAPITAL ? Prior to partnership formation, the following adjustments should be made:• An allowance for bad debts shall be established for the accounts receivable at a rate of 5%• The fair values of the inventories are 270,000 and 240,000 for Arnold and…
Use the information to solve problem (a) completely please