Tyson Tapestries is an unincorporated partnership formed by Brenda Tyson, Rhonda Lentil, and Constance Cummings.They contributed initial capital of $90,000, $60,000 and $40,000 respectively. During the year Brenda contributed anadditional $10,000 and withdraw $16,000 from her capital account. Net income was $144,000 and income is distributedto the partners in the ratio of their capital contributions.Required 1: What is the balance of the equity account of Brenda Tyson in the year end financial statements? $Required 2: What is the balance of the capital account of Rhonda Lentil in the year end financial statements? $Required 3: What is the balance of the capital account of Constance Cummings in the year end financial statements? $

Determine Total Initial Capital Contribution:Brenda: $90,000Rhonda: $60,000Constance: $40,000Total…

Answered: Tyson Tapestries is an unincorporated…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Tyson Tapestries is an unincorporated partnership formed by Brenda Tyson, Rhonda Lentil, and Constance Cummings. They contributed initial capital of $90,000, $60,000 and $40,000 respectively. During the year Brenda contributed an additional $10,000 and withdraw $13,250 from her capital account. Net income was $100,000 and income is distributed to the partners in the ratio of their capital contributions. Required 1: What is the balance of the equity account of Brenda Tyson in the year end financial statements? Required 2: What is the balance of the capital account of Rhonda Lentil in the year end financial statements? Required 3: What is the balance of the capital account of Constance Cummings in the year end financial statements?
E5.
Subject - account Please help me. Thankyou.
Required information [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $160,000. Note: Do not round intermediate calculations. Fraction to Allocate Ramer Ramer's Share Fraction to Allocate Knox's Share of Total Income of Income Knox Income Allocated $125,000 / $50,000 $125,000/ $75,000 $50,000/ $125,000 $50,000/ $75,000 $ 0
Required information [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $160,000. Note: Do not round intermediate calculations. Fraction to Allocate Ramer $60,000/ $150,000 X Answer is complete but not entirely correct. Ramer's Share of Income $ 160,000 X Fraction to Allocate Knox $90,000/ $150,000 $ Knox's Share of Income 160,000 Total Income Allocated $ 320,000
Required: 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000. After Pedro’s admission, the profitand loss sharing ratio is 40:40:20 for Juan, Pablo, and Pedro, respectively, based on capital credits.Drawings were made in these amounts: Juan, P100,000; Pablo, P130,000; Pedro – P56,000. What isthe capital balance of Pedro after the first year?
Can you help me calculate the amount of net income distributed to each partner asap for my homework
Required information Skip to question [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $58,000 and $87,000, respectively. During its first year, the partnership earned $180,000. Prepare calculations showing how the $180,000 income is allocated under each separate plan for sharing income and loss. 2. The partners agreed to share income and loss in proportion to their initial investments. Net income is $180,000. Note: Do not round intermediate calculations.
Required information [The following information applies to the questions displayed below.] Ramer and Knox began a partnership by investing $58,000 and $87,000, respectively. During its first year, the partnership earned $180,000. Prepare calculations showing how the $180,000 income is allocated under each separate plan for sharing income and loss. 3. The partners agreed to share income by giving a $54,000 per year salary allowance to Ramer, a $44,000 per year salary allowance to Knox, 10% interest on their initial capital investments, and the remaining balance shared equally. Net income is $180,000. Note: Enter all allowances as positive values. Enter losses as negative values. Net Income Salary allowances Interest allowances Total salary and interest Balance of income Balance allocated equally Balance of income Shares of the partners Ramer Knox Total
After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $76,000 and $122,000, respectively. Lewan Gorman is to be admitted to the partnership, contributing $51,000 cash to the partnership, for which he is to receive an ownership equity of $66,000. All partners share equally in income. a. Journalize the entry to record the admission of Gorman, who is to receive a bonus of $15,000. If an amount box does not require an entry, leave it blank. b. What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson Harry Barge Lewan Gorman c. Why are tangible assets adjusted to current market prices prior to admitting a new partner? Tangible assets should be adjusted to current market prices so that the new partner any gains or losses from changes in market prices prior to being admitted. For example, if the market price of land doubled prior to admitting…
After the tangible assets have been adjusted to current market prices, the capital accounts of Brad Paulson and Drew Webster have balances of $45,000 and $60,000, respectively. Austin Neel is to be admitted to the partnership, contributing $30,000 cash to the partnership, for which he is to receive an ownership equity of $35,000. All partners share equally in income.a. Journalize the entry to record the admission of Neel, who is to receive a bonus of $5,000.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?
After the tangible assets have been adjusted to current market prices, the capital accounts of Harper and Kahlil have balances of $60,000 and $90,000, respectively. Fay is to be admitted to the partnership, contributing $45,000 cash, for which she is to receive an ownership equity of $60,000. All partners share equally in income. a. Journalize the entry for the admission of Fay, who is to receive a bonus of $15,000. b. What are the capital balances of each partner after the admission of the new partner?

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