Partnership : Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio. Allocation of profits: A partnership contract usually provides for the allocation of profit or losses amongst the partners. In the case of absence of allocation method, the partnership net income or losses are allocated equally amongst the partners. Requirement-1: To prepare: Tables showing allocation of net income to partners under each of the given plans

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Answer 1

Question

Chapter 12, Problem 4BPSB

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

Allocation of profits: A partnership contract usually provides for the allocation of profit or losses amongst the partners. In the case of absence of allocation method, the partnership net income or losses are allocated equally amongst the partners.

Requirement-1:

To prepare: Tables showing allocation of net income to partners under each of the given plans

To determine

Requirement-2:

To prepare: The Statement of partner’s equity using plan c

To determine

Requirement-3:

To prepare: Closing entries to close the income summary account and withdrawals using plan c

Expert Solution & Answer

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Students have asked these similar questions

BatCo makes metal baseball bats. Each bat requires 1 kg of aluminum at $20 per kg and 0.35 direct labor hours at $22 per hour. Overhead is assigned at the rate of $32 per direct labor hour. Assume the actual cost to manufacture one metal hat was $44.90. Compute the cost variance and classify it as favorable or unfavorable.

A company uses the weighted-average method for inventory costing. At the end of the period, 21,000 units were in the ending Work in Process inventory and are 100% complete for materials and 66% complete for conversion. The equivalent costs per unit are; materials, $2.56, and conversion $2.25. Compute the cost that would be assigned to the ending Work in Process inventory for the period. a. $84,945. b. $169,260. c. $75,680. d. $129,990. e. $111,712.

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Answer 2

Question

Chapter 12, Problem 4BPSB

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

Allocation of profits: A partnership contract usually provides for the allocation of profit or losses amongst the partners. In the case of absence of allocation method, the partnership net income or losses are allocated equally amongst the partners.

Requirement-1:

To prepare: Tables showing allocation of net income to partners under each of the given plans

To determine

Requirement-2:

To prepare: The Statement of partner’s equity using plan c

To determine

Requirement-3:

To prepare: Closing entries to close the income summary account and withdrawals using plan c

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 12, Problem 4BPSB

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

Allocation of profits: A partnership contract usually provides for the allocation of profit or losses amongst the partners. In the case of absence of allocation method, the partnership net income or losses are allocated equally amongst the partners.

Requirement-1:

To prepare: Tables showing allocation of net income to partners under each of the given plans

To determine

Requirement-2:

To prepare: The Statement of partner’s equity using plan c

To determine

Requirement-3:

To prepare: Closing entries to close the income summary account and withdrawals using plan c

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 12, Problem 4BPSB

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

Allocation of profits: A partnership contract usually provides for the allocation of profit or losses amongst the partners. In the case of absence of allocation method, the partnership net income or losses are allocated equally amongst the partners.

Requirement-1:

To prepare: Tables showing allocation of net income to partners under each of the given plans

To determine

Requirement-2:

To prepare: The Statement of partner’s equity using plan c

To determine

Requirement-3:

To prepare: Closing entries to close the income summary account and withdrawals using plan c

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 12, Problem 4BPSB

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

Allocation of profits: A partnership contract usually provides for the allocation of profit or losses amongst the partners. In the case of absence of allocation method, the partnership net income or losses are allocated equally amongst the partners.

Requirement-1:

To prepare: Tables showing allocation of net income to partners under each of the given plans

To determine

Requirement-2:

To prepare: The Statement of partner’s equity using plan c

To determine

Requirement-3:

To prepare: Closing entries to close the income summary account and withdrawals using plan c

Answer 6

Chapter 12, Problem 4BPSB

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

Allocation of profits: A partnership contract usually provides for the allocation of profit or losses amongst the partners. In the case of absence of allocation method, the partnership net income or losses are allocated equally amongst the partners.

Requirement-1:

To prepare: Tables showing allocation of net income to partners under each of the given plans

Answer 7

Chapter 12, Problem 4BPSB

To determine

Concept Introduction:

Partnership: Partnership is one of the types of business origination. Under the partnership, two or more individuals agree to form a business together and share losses and profits in the predetermined ratio.

Allocation of profits: A partnership contract usually provides for the allocation of profit or losses amongst the partners. In the case of absence of allocation method, the partnership net income or losses are allocated equally amongst the partners.

Requirement-1:

To prepare: Tables showing allocation of net income to partners under each of the given plans

Answer 8

To determine

Requirement-2:

To prepare: The Statement of partner’s equity using plan c

Answer 9

To determine

Requirement-2:

To prepare: The Statement of partner’s equity using plan c

Answer 10

To determine

Requirement-3:

To prepare: Closing entries to close the income summary account and withdrawals using plan c

Answer 11

To determine

Requirement-3:

To prepare: Closing entries to close the income summary account and withdrawals using plan c

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

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 - Prob. 10DQ

Requirement-2: To prepare: The Statement of partner’s equity using plan c

Requirement-3: To prepare: Closing entries to close the income summary account and withdrawals using plan c

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Chapter 12 Solutions

Requirement-2:

To prepare: The Statement of partner’s equity using plan c

Requirement-3:

To prepare: Closing entries to close the income summary account and withdrawals using plan c