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. Or 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.
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- 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 capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $78,000 and $55,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $8,000. During the year, Grecco and Rosenfeld withdrew $41,000 and $33,000, respectively, and net income for the year was $104,000. Revenues were $525,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Question Content Area a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - -…Petra and Tasia, partners, divide profits and losses on the basis of average capitals. Capital accounts for the year endedDecember 31, 20x2, are shown below. The net profit for 20x2 is P270,000. (Changes in capitals during the first half of a monthare regarded as effective as of the beginning of the month; changes during the second half of a month are regarded aseffective as of the beginning of the following month.) The share of Petra on the 20x2 profit is:a. P114,500b. P154,500c. P115,500d. P125,260
- Helene Gauthier invested $15,000 on January 1 in a partnership. She withdrew $2000 on June 1, withdrew a further $1500 on August 1, and reinvested $4000 on November 1. What was her average monthly investment balance for the year? ..... Her average monthly investment balance for the year is $Carmella and Luciana practice in partnership as accountants. Interest on fixed capital balances is allowed at 8% per annum and the remaining profits are shared equally. The following Trial balance was extracted from the ledger at the year ended 31st December 2020: Sh. Sh. Bank 294,000 Fixed capital: Carmella 1,500,000 Luciana 800,000 Current Accounts: Carmella 68,000 Luciana 74,000 Fees invoiced to clients…A, B, and C are partners in an accounting firm. Their capital account balances at the year-end were A P120,000; B P140,000; C P80,000. They share profits and losses on a 3:3:4 ratio, after the following special terms: Interest of 10% shall be paid on that portion of a partner's capital in excess of P100,000. Quarterly salaries of P5,000, P5,000 and P6,000 shall be paid to partners A, B, and C, respectively. Partner C is to receive a bonus of 10% of net income after salaries, interest and bonus. Assuming a net income of P60,000 for the year, the total profit share of partner C was:
- Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting this year by making capital contributions of $266,000, $302,000, and $196,000, respectively. They anticipate annual profit of $458,400 and are considering the following alternative plans of sharing profits and losses: Equally; In the ratio of their initial investments; or Salary allowances of $125,000 to Conway, $96,000 to Chan, and $71,000 to Scott and interest allowances of 10% on initial investments, with any remaining balance shared equally. Required : 1. Use the schedule to show how a profit of $458,400 would be distributed under each of the alternative plans being considered. (Enter all amounts as positive values.)[The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $54,000, $70,000, and $78,000, respectively, in a partnership. During its first calendar year, the firm earned $347,100. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $347,100 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers in the tabs below. Appropriation of profits Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. General Journal View transaction list Journal entry worksheet < 1 Record the entry to close the income summary account assuming the partners have agreed to share income and loss in the ratio of their…On January 1, 2024, John Jarell, Andrew Martin, and Susan Montgomery formed a partnership by investing $100,000, $100,000, and $120,000 respectively. During the remainder of the year, John Jarell withdrew cash of $45,000, Andrew Martin withdrew $15,000 and Susan Montgomery withdrew $39,000. In addition, the following schedule shows how net income is allocated. Net income: Salaries: Interest: John Jarell Andrew Martin Susan Montgomery Total 100,000 21,000 5,000 26,000 Total salary and interest: Remainder to be allocated: Remainder allocated between partners: 8,000 Balance of net income to be allocated: Total to be allocated to each partner: Date 34,000 18,000 5,000 23,000 8,000 31,000 Page GJ2 F Debit Credit 21,000 6,000 27,000 b) Calculate the post-closing balance in each partners' capital account. John Jarell, Capital Andrew Martin, Capital Susan Montgomery, Capital. 8,000 35,000 a) Prepare the entry to close the income summary account. Enter an appropriate description and the date in…
- Item No. 14 is based on the following information: Capri and Corn had capital balances of P 20,000 and P 40,000, respectively on Jänuary 1, 200B. On July 1, Capri made an additional investment of P 12,000 and on August 1, Corn withdrew P 12,000 of his capital. On December 31, the partners' drawing accounts showed debit balances of P 5,000 and P 3,000 for Capri and Corn, respectively. The profit during the year was[The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet < 1 Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View genera[The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers Appropriation General of profits Journal Allocate $249,000 net income in the ratio of their begin (Do not round intermediate calculations.) Supporting Percentage of Total Computations Equity Ries Bax Thomas x X X Income Summary $ 249,000 $ 249,000 $ 249,000 Allocated Income to CapitalSEE MORE QUESTIONS