On December 31, 2015 Joe, Mike and Phil are partners in an eatery business with capital balances of P500,000, P300,000 and P200,000 respectively. For 2015 net income earned Was P200,000 less a 30% tax provision a) Give the entry to record the profit distribution There is no profit apreement
Q: PROBLEM: ZOE and ZIA PARTNERSHIP reported income for the year 2021 was P250,000.00 and the partners…
A: Since you have posted a question with multiple sub-parts, we have answered first three subparts for…
Q: Accounting Sundae Inc. sells land to Parfait Co. for 9k. The land had cost S 10k 5 years ago.…
A: Routine transactions, such as customer billings and supplier invoicing, should not be recorded using…
Q: Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: Part 1: Calculation of Income Tax Payable/Refundable for Each Partner for 2022Step 1: Determine the…
Q: 1. Bill owns 55% of the outstanding stock of Gates Corporation. During 2015, Gates sold a machine to…
A: Question 1. Answer : Explanation:Gates corporation cannot claim any gain or loss in the tax returns…
Q: Explain the treatment of the above Gain to the accountant of Gidimadjor Ltd. ii. Calculate the…
A: Any profit which has arisen from the sale of an assets is called Capital Gains. Therefore, the tax…
Q: On Nov. 8, 2021, Cadag who has her own retail business and Napay, decided to form a partnership…
A: Partnership is an association between two or more than two persons, in which they invest their…
Q: Question. A, B, C carry on business sharing the profits in the ratio of 2/3, 1/3, 5/6 respectively.…
A: Introduction: In cases where the Partnership Act is silent, the partnership is governed by the…
Q: Part AMrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: Part A i. Calculation of Income Tax Payable/Refundable for Each PartnerCalculating the net income of…
Q: Required information Problem 17-52 (LO 17-3) (Algo) [The following information applies to the…
A: Depreciation is the decrement in the value of tangible assets by the wear and tear during the…
Q: Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: Absolutely, let's dive into Mrs. Shine and Mr. Rain's tax situation for 2022 and the future of the…
Q: On 01/01/2017 the capital balances in Toshiba company are Saki $130,000 and Turkic $120,000. In 2017…
A: Under the partnership, there are two or more persons that come together and share their resources in…
Q: On June 1, 2015, DAVE and MAR are combining their separate business to form a partnership. Cash and…
A:
Q: Jack and Jill are owners of UpAHill, an S Corporation. They own 25 and 75 percent, respectively.…
A: The part of income from a qualifying trade or business that is entitled to specific tax deductions…
Q: Required: a. Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book…
A: Regular Tax Liability: Regular Tax Liability refers to the amount of tax owed by an individual or a…
Q: Part A Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs.…
A: Income tax is the tax levied by the government on income earned by individuals and businesses for a…
Q: Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: Partnership is a legal agreement between two or more parties to manage and operate a business to…
Q: Julio and Milania are owners of Falcons Corporation, an S corporation. They each own 50 percent of…
A: Ordinary income refers to the regular and recurring income that a taxpayer receives from their…
Q: partners sharing profits
A: Retirement of a partner from the business warrants a myriad of entries. Plus, it involves various…
Q: Q. R and 5 carry on business sharing the profits in the ratio of 2: 3: 4 respectively. Capitals as…
A: At the time of retirement or death of the partner, he will be provided share of profit till the date…
Q: Il income statement items are subject to a 25% income tax rate. In its 2021 income statement,…
A: Income tax Expense = Operating income x Income tax Rate Total Income tax Expense = (Operating income…
Q: James Jones is the owner of a small retail business operated as a sole proprietorship. During 2017,…
A: Given :Revenue from inventory sales $147,000Cost of goods sold 33,500Business license tax 2,400Rent…
Q: After closing the revenue and expense accounts, the profit for the year ended December 31, 2024, of…
A: Lets understand the basics. Partnership is an agreement between two or more person who works…
Q: A, B and C were partners in a firm. After closing the accounts for the year 2014, they realized that…
A:
Q: Timpanogos Inc. is an accrual-method calendar-year corporation. For 2017, it reported financial…
A: Regular Tax Liability: Regular Tax Liability refers to the amount of tax owed by an individual or a…
Q: Required information Problem 11-54 (LO 11-5) (Static) [The following information applies to the…
A: Long-term capital gains are generally subject to preferential tax rates, which are typically lower…
Q: On December 31, 2020, the partnership of Abe, Bravo, Charlie and Delfin decided to liquidate with he…
A: The liquidation of a partnership begins with a review of the company's assets, including assets…
Q: Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: Income tax is the tax levied by the government on income earned by individuals and businesses for a…
Q: A, B, C and D are partners sharing profit and losses in the rate of 4 : 3:3:2. Their respective…
A: Rectification of errors is referred to as the procedure of revising mistakes made in recording…
Q: Part AMrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: Part Ai. Income Tax Payable/RefundableStep 1: Adjustments to Partnership IncomeRemove non-deductible…
Q: Terrilson Trading is a company in the business of manufacturing parts for train wagons. Terri and…
A: The term "cash flow from operating activities" (CFO) refers to the revenue a business generates from…
Q: Problem :-9 A and B were partners in a firm with a profit sharing ratio of 7:5. A had given a sum of…
A:
Q: Part AMrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: Let's go through each part : i. Compute the income tax payable/refundable for each partner for…
Q: Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75 percent, respectively.…
A: Ordinary income includes all those incomes that are taxable at ordinary rates such as salary,…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Omar's additional medicare tax liability arises because his AGI exceeds the $200,000 threshold for…
Q: On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau Lavoi…
A: The objective of the question is to prepare the journal entries for the formation of the partnership…
Q: (Adjustment of accumulated profit and reserves) A, B and Care partners sharing profit and losses in…
A: Partnership means where two or more partners agree to do the business jointly and share profit and…
Q: exa,
A: Gross annual income includes obvious sources of income, such as your wages, bonuses,…
Q: On July 1, 2020, Wency and William agreed to form a partnership from their respective proprietorship…
A: At the time of formation of partnership, partners can contribute cash or non cash assets for the…
Q: PROBLEM D. SABINI operates a merchandising business. His capital amounted to P3,600,000 at the end…
A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization…
Q: 4.1 contribution. He was issued with recelpt 001. Mr Lehoko deposited R35 000 directly into the…
A: The accounting equation is an equation where the total assets of the entity equal the sum of equity…
Q: On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau Lavoi…
A: The objective of the question is to prepare the journal entries for the formation of the partnership…
Q: Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: Partnership is a legal agreement between two or more parties to manage and operate a business to…
On December 31, 2015 Joe, Mike and Phil are partners in an eatery business with capital balances of P500,000, P300,000 and P200,000 respectively. For 2015 net income earned Was P200,000 less a 30% tax provision
a) Give the entry to record the profit distribution There is no profit apreement
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 $ $ Revenue 11,600,000 Expenses Salaries & Wages 7,600,000 Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000 Interest 500,000 Maintenance 120,000 Depreciation 550,000 Loss on Disposal of Vehicle 80,000 Telephone 235,000 Electricity 255,000 General Expenses 700,000 Donations 85,000 Provision for Bad Debts 80,000 Fines and Penalties 115,000 Drawings Net Loss 2,625,000 105,000 14,225,000 Notes to the Income Statement $55,000 of the drawings…1 of 1 Class Activity Kand A are partners in a firm. They share profits and the losses in the ratio of 4:1. They decide to dissolve thefirm on March 31,2021, their balance sheet is as follows: Liabilities RO Assets RO Bank loan 8250 Trade mark 6600 Creditors for goods 44000 Machine 66000 Bills payable 2750 Furniture 2200 K's Capital Ac 88000 Stock 33000 A's Capital Ac 33000 Debtors Less: Provision for bad debt 49500-2200 47300 O Cash in hand O Profit & loss Ac 15400 5500 Total 176000 Total 176000 The realization shows the following results: Debtors were realized at book value less 10% Goodwill was sold for 5500 Trade mark was realized for 4400 Machinery and stock were taken over by K for 99000 An unrecorded asset was sold for 1100 A creditor for goods was settled at discount of The expenses on realization were Pass Journal Entries and Prepare Realization A/c, Capital A/cs and Cash/Bank A/c. 440 2200Please don't provide answer in image format thank you Terrilson Trading is a company in the business of manufacturing parts for train wagons. Terri and Nilson formed this company in 2015 after they were both retrenched from their employment. The following information pertains to the business activities of the partnership for the year ended 31 August 2022. Extract from the statement of financial position as at 31 August 2022: 2022 2021 R R Land and buildings (at cost) 1,010,600 660,600 Equipment (at cost) 624,900 569,400 Accumulated depreciation: Equipment 175,200 74,400 Long-term loan 283,600 198,200 Members’ contributions 1,276,500 1,080,100 Retained earnings 231,200 79,700 Loans to members 98,100 34,100 Loans from members 118,700 - Distribution to members payable 78,200 108,600 Inventory 59,100 33,200 Dividend receivable 21,600 101,200 Trade payables control 137,000 66,900 Accrued security expenses 7,700 3,400 Current tax payable 62,200 40,000 Accrued rental income 6,200…
- Lewes Company appropriately uses the installment sales method for tax purposes and the accrual method for revenue recognition for accounting purposes. Pertinent data at December 31, 2016, the close of the first year of operations, are as follows: Revenue Recognized Revenue Recognized Customer for Accounting Purposes for Tax Purposes Lowe's Builders $200,000 $100,000 Top Down Plumbing 500,000 350,000 Glass Plus Windows 600,000 350,000 Lewes's tax rate is 30%. What amount should be included in the deferred tax account at December 31, 2016 for these installment sales?The following are balances of a partnership between Shoe and Lace as at 2021 December 31: DR CR Capital on 2021 January 01: S S Shoe 30 000 Lace 30 000 Current Accounts on 2021 January 01: Shoe 1 500 Lace Drawings during the year were: Shoe Lace Land and building Equipment Cash at bank Bank loan 90 000 Electricity Office salaries Advertising Bad debts Provision for bad debts 700 Debtors Creditors 9 500 Provision for depreciation: Equipment 2 000 Stock on 2021 December 31 Gross profit for the year 150 000 Additional information: i. Provision for bad debts is to be increased by $50. ii. Amount for advertising included payment of $120 for 2022. iii. Electricity bill of $145 is due. iv. Equipment is to be depreciated at 20% per annum. v. Interest on capital is allowed at 20% per annum. vi. Interest on drawings is 5% per annum. vii. Profits and losses are to be shared between Shoe and Lace in the ratio 2:3. A. Prepare Profit and Loss and Appropriation Account for year ended 2021 December…A, B and C are partners sharing profits and losses in the ratio of 3 : 2 :1 respectively. With effect from 1.4.2015 they decided to share future profits equally. For this purpose the assets and liabilities were revalued as under : Particulars Old Values ($) Revised Values ($) 30,000 54,000 24,500 14,70,000 50,800 Furniture 28,000 Computers Land and Buildings Machinery Sundry Creditors 12,90,000 46,500 34,870 30,860 Prepare Revaluation Account and give necessary journal entries for recording the above changes in assets and liabilities.
- Lawler and Riello formed a partnership on March 15, 2024. The partners agreed to contribute equal amounts of capital. Lawler contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: X Data table Lawler's Business Current Market Value its. Select the explanation on the last line of the journal entry table.) Accounts Receivable 10,600 Merchandise Inventory 29,000 Prepaid Expenses 2,800 Credit 26,000 Store Equipment, Net Accounts Payable (25,000) Done More info On March 15, Riello contributed cash in an amount equal to the current market value of Lawler's partnership capital. The partners decided that Lawler will earn 60% of partnership profits because she will manage the business. Riello agreed to accept 40% of the profits. During the period ended December 31, the partnership earned net income of $70,000. Lawler's withdrawals were $36,000, and Riello's withdrawings totaled $26,000. Print Done Requirement 1. Journalize the partners' initial…Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss 2,625,000 Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual allowance was…Crush and Ni are in partnership and prepare their accounts to December 31 each year.On July 1, 2015, Sir joined the partnership. Profit sharing arrangements are:6 months toJune 30, 20156 months toDecember 31, 2015Salary Allowances Crush P15,000 P25,000Share in residual profit Crush 60% 40%Ni 40% 40%Sir - 20%The partnership’s net income for the year ended December 31, 2015 was P350,000accruing evenly over the year. What are the partner’s total profit shares for the yearended December 31, 2015?Peeta, Katniss and Gale formed a partnership on January 1, 2015 and contributed P150,000,P200,000 and P250,000, respectively. Their articles of co-partnership provide that the operatingincome be shared among the partners as follows: as salary, P24,000 for Peeta, P18,000 for Katnissand P12,000 for Gale; interest of 12% on the average capital during 2015 of the three partners andthe remainder in the ratio of 4:2:4, respectively. The operating income for the year-ended December31, 2015 amounted to…
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)