Partners can agree to any method of dividing income or loss. The common methods to divide income or loss use (1)a stated ratio basis (2) the ratio of capital balances (3) the salary and interest allowances and any remainder according to a fixed ratio. To calculate: Prepare a table with the following capital headings. Use the table to show how to distribute net income of $450000 for the calendar year under each of the alternative plans being considered.

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Answer 1

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Chapter 12, Problem 4APSA

To determine

Introduction:

Partners can agree to any method of dividing income or loss. The common methods to divide income or loss use (1)a stated ratio basis (2) the ratio of capital balances (3) the salary and interest allowances and any remainder according to a fixed ratio.

To calculate:

Prepare a table with the following capital headings. Use the table to show how to distribute net income of $450000 for the calendar year under each of the alternative plans being considered.

To determine

Introduction:

A financial report that depicts the changes in total of partner's capital accounts during an accounting period.

To calculate:

Prepare a statement of partners' equityshowing the allocation of income to the partners assuming they agree to use plan (c);that income earned is$209000,and that Mo,Lu and Barb withdraw$34000,$48000 and $64000 ,respectively, at year end.

To determine

Introduction:

Income summary account is closed in the following manner:

To calculate:

Prepare the December 31 journal entry to close Income summary assuming they agree to use Plan C and that net income is $209000.Also close the withdrawals accounts.

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A company sells a product for $25 per unit. The variable cost per unit is $15, and the total fixed costs are $50,000. a) How many units must the company sell to break even? b) If the company wants a profit of $10,000, how many units must it sell?

Answer 2

Question

Chapter 12, Problem 4APSA

To determine

Introduction:

Partners can agree to any method of dividing income or loss. The common methods to divide income or loss use (1)a stated ratio basis (2) the ratio of capital balances (3) the salary and interest allowances and any remainder according to a fixed ratio.

To calculate:

Prepare a table with the following capital headings. Use the table to show how to distribute net income of $450000 for the calendar year under each of the alternative plans being considered.

To determine

Introduction:

A financial report that depicts the changes in total of partner's capital accounts during an accounting period.

To calculate:

Prepare a statement of partners' equityshowing the allocation of income to the partners assuming they agree to use plan (c);that income earned is$209000,and that Mo,Lu and Barb withdraw$34000,$48000 and $64000 ,respectively, at year end.

To determine

Introduction:

Income summary account is closed in the following manner:

To calculate:

Prepare the December 31 journal entry to close Income summary assuming they agree to use Plan C and that net income is $209000.Also close the withdrawals accounts.

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Answer 3

Question

Chapter 12, Problem 4APSA

To determine

Introduction:

Partners can agree to any method of dividing income or loss. The common methods to divide income or loss use (1)a stated ratio basis (2) the ratio of capital balances (3) the salary and interest allowances and any remainder according to a fixed ratio.

To calculate:

Prepare a table with the following capital headings. Use the table to show how to distribute net income of $450000 for the calendar year under each of the alternative plans being considered.

To determine

Introduction:

A financial report that depicts the changes in total of partner's capital accounts during an accounting period.

To calculate:

Prepare a statement of partners' equityshowing the allocation of income to the partners assuming they agree to use plan (c);that income earned is$209000,and that Mo,Lu and Barb withdraw$34000,$48000 and $64000 ,respectively, at year end.

To determine

Introduction:

Income summary account is closed in the following manner:

To calculate:

Prepare the December 31 journal entry to close Income summary assuming they agree to use Plan C and that net income is $209000.Also close the withdrawals accounts.

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Answer 4

Question

Chapter 12, Problem 4APSA

To determine

Introduction:

Partners can agree to any method of dividing income or loss. The common methods to divide income or loss use (1)a stated ratio basis (2) the ratio of capital balances (3) the salary and interest allowances and any remainder according to a fixed ratio.

To calculate:

Prepare a table with the following capital headings. Use the table to show how to distribute net income of $450000 for the calendar year under each of the alternative plans being considered.

To determine

Introduction:

A financial report that depicts the changes in total of partner's capital accounts during an accounting period.

To calculate:

Prepare a statement of partners' equityshowing the allocation of income to the partners assuming they agree to use plan (c);that income earned is$209000,and that Mo,Lu and Barb withdraw$34000,$48000 and $64000 ,respectively, at year end.

To determine

Introduction:

Income summary account is closed in the following manner:

To calculate:

Prepare the December 31 journal entry to close Income summary assuming they agree to use Plan C and that net income is $209000.Also close the withdrawals accounts.

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Answer 5

Chapter 12, Problem 4APSA

To determine

Introduction:

Partners can agree to any method of dividing income or loss. The common methods to divide income or loss use (1)a stated ratio basis (2) the ratio of capital balances (3) the salary and interest allowances and any remainder according to a fixed ratio.

To calculate:

Prepare a table with the following capital headings. Use the table to show how to distribute net income of $450000 for the calendar year under each of the alternative plans being considered.

To determine

Introduction:

A financial report that depicts the changes in total of partner's capital accounts during an accounting period.

To calculate:

Prepare a statement of partners' equityshowing the allocation of income to the partners assuming they agree to use plan (c);that income earned is$209000,and that Mo,Lu and Barb withdraw$34000,$48000 and $64000 ,respectively, at year end.

To determine

Introduction:

Income summary account is closed in the following manner:

To calculate:

Prepare the December 31 journal entry to close Income summary assuming they agree to use Plan C and that net income is $209000.Also close the withdrawals accounts.

Answer 6

Chapter 12, Problem 4APSA

To determine

Introduction:

Partners can agree to any method of dividing income or loss. The common methods to divide income or loss use (1)a stated ratio basis (2) the ratio of capital balances (3) the salary and interest allowances and any remainder according to a fixed ratio.

To calculate:

Prepare a table with the following capital headings. Use the table to show how to distribute net income of $450000 for the calendar year under each of the alternative plans being considered.

Answer 7

Chapter 12, Problem 4APSA

To determine

Introduction:

Partners can agree to any method of dividing income or loss. The common methods to divide income or loss use (1)a stated ratio basis (2) the ratio of capital balances (3) the salary and interest allowances and any remainder according to a fixed ratio.

To calculate:

Prepare a table with the following capital headings. Use the table to show how to distribute net income of $450000 for the calendar year under each of the alternative plans being considered.

Answer 8

To determine

Introduction:

A financial report that depicts the changes in total of partner's capital accounts during an accounting period.

To calculate:

Prepare a statement of partners' equityshowing the allocation of income to the partners assuming they agree to use plan (c);that income earned is$209000,and that Mo,Lu and Barb withdraw$34000,$48000 and $64000 ,respectively, at year end.

Answer 9

To determine

Introduction:

A financial report that depicts the changes in total of partner's capital accounts during an accounting period.

To calculate:

Prepare a statement of partners' equityshowing the allocation of income to the partners assuming they agree to use plan (c);that income earned is$209000,and that Mo,Lu and Barb withdraw$34000,$48000 and $64000 ,respectively, at year end.

Answer 10

To determine

Introduction:

Income summary account is closed in the following manner:

To calculate:

Prepare the December 31 journal entry to close Income summary assuming they agree to use Plan C and that net income is $209000.Also close the withdrawals accounts.

Answer 11

To determine

Introduction:

Income summary account is closed in the following manner:

To calculate:

Prepare the December 31 journal entry to close Income summary assuming they agree to use Plan C and that net income is $209000.Also close the withdrawals accounts.

Answer 12

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Ch. 12 - Prob. 1DQ Ch. 12 - Prob. 2DQ Ch. 12 - Prob. 3DQ Ch. 12 - Prob. 4DQ Ch. 12 - Prob. 5DQ Ch. 12 - Prob. 6DQ Ch. 12 - Prob. 7DQ Ch. 12 - Prob. 8DQ Ch. 12 - Prob. 9DQ Ch. 12 - Kay, Kat, and Kim are partners. In a liquidation,...

Introduction: Income summary account is closed in the following manner: To calculate: Prepare the December 31 journal entry to close Income summary assuming they agree to use Plan C and that net income is $209000.Also close the withdrawals accounts.

Chapter 12 Solutions

Introduction:

Income summary account is closed in the following manner:

To calculate:

Prepare the December 31 journal entry to close Income summary assuming they agree to use Plan C and that net income is $209000.Also close the withdrawals accounts.