CENGAGENOW 6 TERMS ACCESS CARD 27TH ED.
27th Edition
ISBN: 9781337689687
Author: WARREN
Publisher: CENGAGE L
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Question
Chapter 12, Problem 12.25EX
a. 1
To determine
It is that form of organization which is owned and managed by two or more persons who invest and share the
To provide: The
b.
To determine
To prepare: The statement of partnership equity for the current year.
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Partnership entries and statement of partnership equity
The capital accounts of Hassan Khan and Dmitri Palovich have balances of $75,000 and $54,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On July 10,
Khan invested an additional $8,000. During the year, Khan and Palovich withdrew $40,000 and $32,000, respectively, and net income for the year was $102,000. Revenues were
$523,000, 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. If an amount box does not require an entry, leave it blank.
BE
Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank.
EE
b. Prepare a statement of partnership equity for the current year for the partnership of Khan and Palovich. If an amount is zero or a blank, enter in 0.
Khan and Palovich
Statement of Partnership Equity
For the Year Ended December 31, 20Y4
Line…
Partnership Entries and Statement of Partnership Equity
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. Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank.
b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. If an amount is zero or a blank, enter in 0.
QUESTION:
SHARP AND TOWNSON HAD CAPITAL BALANCES OF $60,000
AND $120,000, RESPECTIVELY ON JANUARY 1 OF THE
CURRENT YEAR.
ON MAY 8, SHARP INVESTED AN ADDITIONAL $10,000 IN THE
PARTNERSHIP.
DURING THE YEAR, SHARP AND TOWNSON WITHDREW
$25,000 AND $45,000, RESPECTIVELY.
AFTER CLOSING ALL EXPENSE AND REVENUE ACCOUNTS AT
THE END OF THE YEAR, INCOME SUMMARY HAS A CREDIT
BALANCE OF $90,000 THAT SHARP AND TOWNSON HAVE
AGREED TO SPLIT ON A 2:1 BASIS, RESPECTIVELY.
JOURNALIZE THE ENTRIES TO CLOSE THE INCOME SUMMARY
ACCOUNT AND THE DRAWING ACCOUNTS.
Chapter 12 Solutions
CENGAGENOW 6 TERMS ACCESS CARD 27TH ED.
Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 12.1APECh. 12 - Prob. 12.1BPECh. 12 - Prob. 12.2APECh. 12 - Prob. 12.2BPECh. 12 - Prob. 12.3APECh. 12 - Prob. 12.3BPECh. 12 - Prob. 12.4APECh. 12 - Prob. 12.4BPECh. 12 - Liquidating partnerships Prior to liquidating...Ch. 12 - Prob. 12.5BPECh. 12 - Prob. 12.6APECh. 12 - Prob. 12.6BPECh. 12 - Revenue per employee Niles and Cohen, CPAs earned ...Ch. 12 - Prob. 12.7BPECh. 12 - Prob. 12.1EXCh. 12 - Prob. 12.2EXCh. 12 - Prob. 12.3EXCh. 12 - Prob. 12.4EXCh. 12 - Prob. 12.5EXCh. 12 - Prob. 12.6EXCh. 12 - Prob. 12.7EXCh. 12 - LLC net income and statement of members equity...Ch. 12 - Prob. 12.9EXCh. 12 - Prob. 12.10EXCh. 12 - Prob. 12.11EXCh. 12 - Prob. 12.12EXCh. 12 - Prob. 12.13EXCh. 12 - Prob. 12.14EXCh. 12 - Prob. 12.15EXCh. 12 - Prob. 12.16EXCh. 12 - Statement of members' equity, admitting new member...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Prob. 12.20EXCh. 12 - Prob. 12.21EXCh. 12 - Liquidating partnershipscapital deficiency...Ch. 12 - Prob. 12.23EXCh. 12 - Prob. 12.24EXCh. 12 - Prob. 12.25EXCh. 12 - Revenue per professional staff The accounting firm...Ch. 12 - Revenue per employee Superior Cleaning Services,...Ch. 12 - Prob. 12.1APRCh. 12 - Prob. 12.2APRCh. 12 - Prob. 12.3APRCh. 12 - Prob. 12.4APRCh. 12 - Prob. 12.5APRCh. 12 - Prob. 12.6APRCh. 12 - Prob. 12.1BPRCh. 12 - Prob. 12.2BPRCh. 12 - Prob. 12.3BPRCh. 12 - Prob. 12.4BPRCh. 12 - Prob. 12.5BPRCh. 12 - Statement of partnership liquidation On August 3,...Ch. 12 - Prob. 12.1CPCh. 12 - Prob. 12.3CPCh. 12 - Prob. 12.4CP
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