Sarah's Flower Shop, a proprietorship, began the year with total assets of $75,000 and total liabilities of $45,000. During the year, the business recorded $125,000 in sales revenue, $68,000 in expenses, and Sarah withdrew $12,000 for personal use. Sarah's capital balance at the end of the year was: a) $75,000 b) $70,000 c) $65,000 d) $80,000
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- The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $64,000 and $99,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $11,000. During the year, Grecco and Rosenfeld withdrew $43,000 and $53,000, respectively, and net income for the year was $84,000. Revenues were $654,000, and expenses were $570,000. The articles of partnership make no reference to the division of net income. a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank.The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $44,880 and $71,910, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $7,750. During the year, Grecco and Rosenfeld withdrew $30,730 and $38,870, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Required: a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. Be…The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $45,730 and $70,240, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $7,700. During the year, Grecco and Rosenfeld withdrew $32,920 and $38,850, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. Be sure to…
- The following transactions occurred during the year. Record these transactions. HHL took out a long-term loan for $3 million. b. HHL purchased $1 million in inventory with cash. HHL purchased equipment that cost $150,000 on account. The equipment is expected to last 15 years and has no salvage value. $540,865,000 (net of allowances and charity care) was billed for patient services. The hospital estimates that 5% of these bills will be bad debt. $875,000 of inventory was used. f. Donations of $400,000 were received in cash. HHL pays in cash for a 2-year malpractice insurance premium at a cost of $5 million. One-half of the premium is for next year, and the other is for the following year. HHL pays $12,560,000 in accounts payable. HHL workers earned $259 million in wages for the year. The hospital paid out $282 million in cash. It also paid out $60 million in benefits, all in cash. The equipment purchased in transaction c was paid for in cash. $370,500,000 from bills sent to patients…The capital accounts of Angel Alvarez and Emma Allison have balances of $44,880 and $71,910, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $7,750. During the year, Alvarez and Allison withdrew $30,730 and $38,870, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Required: A. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. B. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison.What was Mark John's beginning capital balance?
- The capital accounts of Angel Alvarez and Emma Allison have balances of $105,000 and $77,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $12,000. During the year, Alvarez and Allison withdrew $57,000 and $46,000, respectively, and net income for the year was $146,000. Revenues were $567,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. a. Journalize the entry to close the revenues and expenses. For a compound transaction, if an amount box does not require an entry, leave it blank. Angel Alvarez, Capital fill in the blank e37f5f05b059f91_2 fill in the blank e37f5f05b059f91_3 Emma Allison, Capital fill in the blank e37f5f05b059f91_5 fill in the blank e37f5f05b059f91_6 Emma Allison, Drawing fill in the blank e37f5f05b059f91_8 fill in the blank e37f5f05b059f91_9 fill in the blank e37f5f05b059f91_11 fill in the blank…The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Allison withdrew $32,000 and $39,000, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no referenceto the division of net income.a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts.b. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison.The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Allison withdrew $32,000 and $39,000, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. -Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.
- At the end of the year, Cramer Private University’s balance sheet comprised $15,000,000 of assets and $9,000,000 of liabilities (including deferred revenues of $300,000). What is the balance of Cramer’s net assets?a. $5,700,000b. $6,000,000c. $6,300,000d. $15,000,000In its first year of operations corporation Lauzer has the following results for the year: Gross income from operations $700,000 operating deductible expenses (200,000) short term capital gains 5,000 short term capital losses (14,000) long term capital gains 8,000 long term capital losses 3,000 What is the corporation's taxable income for the year?Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Painting: The amount of the contribution is Stock: The amount of the contribution is Groceries: The amount of the contribution is Adjusted Basis $6,000 $10,000 Painting held four years as an investment, to a church, which sold it immediately Apple stock held two years as an investment, to United Way, which sold it immediately Canned groceries held one month as inventory, to Catholic Meals for the Poor 15,750 35,000 7,800 13,000 Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.) Therefore, the total charitable contribution is $ Fair Market Value