Financial Accounting Question The following information is available regarding Daniel Carter'scapital account in Summit Financial Advisors, a generalpartnership, for a recent year:•Beginning of the year balance = $45,000Share of partnership income = $15,200Withdrawals made during the year = $9,000What is Carter's partner's return on equity during the year inquestion?

Given data:Beginning of the year capital balance = $45,000Share of partnership income =…

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Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 3PB

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Prepare the Statement of Changes in Equity for the year ended 28 February 2021.INFORMATIONThe information given below was extracted from the accounting records of Preston Traders, a partnership business withPresley and Tony as partners.Extract from the trial balance of Preston Traders on 28 February 2021Debit CreditR RCapital: Presley 600 000Capital: Tony 400 000Current a/c: Presley (01 March 2020) 40 000Current a/c: Tony (01 March 2020) 50 000Drawings: Presley 340 000Drawings: Tony 360 000The following must be taken into account:(a) The Statement of Comprehensive Income reflected a net profit of R900 000 on 28 February 2021.(b) The partners are entitled to interest at 12% p.a. on their capital balances.Note: Presley decreased his capital by R200 000 on 01 June 2020 whilst Tony increased his capital byR200 000 on 01 September 2020. These capital changes have been recorded.(c) The partners are entitled to the following monthly salaries for each of the two six-month periods:01 March 2020…
After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $44,920 and $60,890, respectively. Lewan Gorman is to be admitted to the partnership, contributing $32,080 cash to the partnership, for which he is to receive an ownership equity of $36,650. All partners share equally in income. Required: a. On December 31, journalize the entry to record the admission of Gorman, who is to receive a bonus of $4,570. 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. What are the capital balances of each partner after the admission of the new partner? c. Why are tangible assets adjusted to current market prices, prior to admitting a new partner? Chart of…
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Keri & Nick Consulting’s partners’ equity accounts reflected the following balances on August 31, 2020: Keri Lee, Capital $ 68,000 Nick Kalpakian, Capital 205,000 Lee and Kalpakian share profit/losses in a 2:3 ratio, respectively. On September 1, 2020, Liam Court is admitted to the partnership with a cash investment of $117,000.Required:Prepare the journal entry to record the admission of Liam under each of the following unrelated assumptions, where he is given:a. A 30% interest in equityb. A 20% interest in equityc. A 50% interest in equity

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