38. What is A's capital balance after the admission of C? 39. What is the total partnership capital after the admission of C?
Q: b. Calculate the ending capital balances for all four partners a
A: Solution:- Admission of new partner means taking in new partners. The new partners bring in…
Q: 26. The partnership net income is allocated to each partner's capital using the profit and loss…
A: Since multiple questions have been posted we will answer the first question for you as per the…
Q: Each partner has a claim on partnership assets based on his/her: a. Capital account b. Drawings…
A: Each partner has a claim on partnership assets based on his/herCapital account balance standing at…
Q: In the absence of Partnership deed, specify the rules relating to the following :(i) Sharing of…
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
Q: Given the stated fair values, if Rowe were to sell one-half of her interest in capital to someone…
A: You have asked multiple questions under a single question but we can provide under a single solution…
Q: S1: Partnership profits and losses (including bonuses and revaluations) are allocated in accordance…
A: "Since you have asked multiple question we will solve the first question for you. If you want any…
Q: b. What is Michelle's basis in her partnership interest? What is Michelle's inside basis?
A: Basis in partnership is the net cash provided by the incoming partner and inside basis is the basis…
Q: 1. Upon the partnership's formation, the respective capital of partners John and Jones would be? 2.…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: In the ABC partnership (to which D seeks admittance), the capital balances of A, B, and C, who share…
A: Existing partners = A, B and C ABC profit sharing ratio = 5:3:2 Admission of New partner = D…
Q: After all partnership assets have been converted to cash and all liabilities paid, the remaining…
A: Given is: After all partnership assets have been converted to cash and all liabilities paid, the…
Q: 4. How shall the profits and losses of the partnership be distributed among the partners? a. It…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Which of the following statements about paid-in capital is correct? a) Shows the capital amounts…
A: Paid-in capital refers to the total amount of capital contributed by the owners of the entity in the…
Q: Which one of the following will be recorded under debit side of the partners' capital account? a.…
A: Solution- Items that may appear on the debit side of the Capital Account when the capitals are…
Q: e. What is Matt's ending basis in his partnership interest? Ending basis
A: Partnership :- When two or more persons come together to form a business and share Profit and losses…
Q: 71. This is the order of priority in general partnership liabilities O a. Outside creditors,…
A: This question deals with the payment of general partnership liabilities. When entity get dissolved…
Q: In case the partnership makes profit, how will an industrial partner be given a share? A. what is…
A: There are many type of partners in partnership agreement. industrial partners is different type of…
Q: What is Phillip’s recognized gain or loss on the distribution? 2. What is the partnership’s…
A: Partnership refers to a legal act of agreement between two or more partners who have mutually agreed…
Q: summarizes the financial aspects of the partnership agreement and the equityrequirements of the…
A: Partnership Act: When the two or more people run the business for a long time for the future profits…
Q: Which one of the following alternatives represents the new profit-sharing ratio after the admission…
A: Share of profits sacrificed by Mrbe and Johannes has been calculated as follows:
Q: Which one of the following is a gain to the partnership firm? a.Interest on drawings b.Interest on…
A: Solution: Interest on capital is expense or division of profit by partnership to partners. Interest…
Q: . The amount invested by the partners more than their existing capital is called: a. Drawings b.…
A: Drawings are nothing but the amount withdrawn by partners from their firm Interest charged on amount…
Q: How are safe capital balances computed when preliminary distributions of cash are to be made in a…
A: Definition: Partnership: This is the form of business entity that is formed by an agreement, owned…
Q: statement of financial position of the partnership?
A: Correct Answer :- a Closing balance of capital from partners Capital Account.
Q: 8. How much is the new capital of Max after the closing of nominal accounts? 9. How much is the new…
A: Partnership means two or more persons joins hands to handle and manage business and to share profits…
Q: In which order are partnership assets distributed to the partners? Group of answer choices…
A: Loan is paid to the partner irrespective of the capital balance. Then profit is distributed to…
Q: partnership
A: Correct Answer :- D Credited to partner capital Account.
Q: 7. If during the course of the partnership I decided to sell my partnership interest, would I be…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: absence of a Partnership Agreement, which of the following principles apply? A. Interest on…
A:
Q: tion of partnership assets?
A: Sheen will receive 33333 and Carl Receive 26667 at the time of Dissolution of partnership firm
Q: - The share of loss of partners will appear: a. On the credit side of the partners+IBk- capital…
A: Solution: Loss means debit balance of profit and loss appropriation account, once loss is…
Q: 33) The withdrawal of capital by a partner from the business of partnership will be: a. Credited to…
A: Solution 33: Once capital is withdrawn from partnership, it will decrease capital account of…
Q: What information do the capital accounts found in partnership accounting convey?
A: People start their own business and select the form of organisation depend upon their need and kind…
Q: Which one of the following is a gain to the partnership firm? a. Interest on drawings b.
A: Solution: "Interest on drawings" is a gain to the partnership firm.
Q: What is June's capital balance just after the formation? What is the amount of the total current…
A: Partnership is the business which is started by the partners and to start there must be a minimum of…
Q: How does the statements of financial position of a proprietorship differ from that for a…
A: SOLUTION- SOLE PROPRIETORSHIP- THAT FORM OF BUSINESS ENTITY WHICH IS OWNED AND MANAGED BY SINGLE…
Q: Capital account
A: Each partner has a claim on partnership assets based on his/her. D. CAPITAL ACCOUNT.
Q: Why is it important to state all partnership assets in terms of current prices at the time of the…
A: Partnership: It is a form of an organization which is owned and managed by two or more persons who…
Q: KINDLY ANSWER THE FIVE QUESTIONS. THANK YOU! 1.S1: Partnership profits and losses (including…
A: The questions are multiple choice questions. The topic is related to Partnership Accounting.
Q: 4. How shall the profits and losses of the partnership be distributed among the partners? a.…
A: Partnership is an agreement or association between two or more than two partners, in which they…
Q: 24. Which of the following statements about partnership accounts is true? • a. Two accounts are…
A: The partnership comes into existence when two or more persons agree to do the business and share…
Q: hart X -cash-into-a-partnership 45 When a partner invests assets oth Subscribe 25. When a partner…
A: 25. When a partner invest assets other than cash into a partnership, these assets should be listed…
Q: Which one of the following is a gain to the partnership firm? a. Withdrawal of capital b. Interest…
A: Solution: "Interest on drawings" Interest on drawings. This is because drawing are withdrawn by the…
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- Calculating the Number of Shares Issued Castanet Inc. issued shares of its $1. 50 par value common stock on November 9,2019, for $13 per share. In recording the issuance of the stock, Castanet credited the Additional Paid-In Capital- Common Stock account for $416,300. Required: How many shares were issued on November 9, 2019?Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
- Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding S8 par common shares. During 2019, Thompson entered into the following transactions: Declared a S0.20 per-share cash dividend on March 24. Paid the S0.20 per-share dividend on April 6. Repurchased 13,000 common shares for the treasury at a cost of S12 each on May 9. Sold 2,500 unissued common shares for $15 per share on June 19. Declared a $0.40 per-share cash dividend on August 1. Paid the $0.40 per-share dividend on September 14. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $15 per share. Declared a 50.45 per-share cash dividend on November 20. Paid the $0.45 per-share dividend on December 20. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) What is the total dollar amount of dividends (cash and stock) for the year? CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.Common Dividends Fusion Payroll Service began 2019 with 1,200,000 authorized and 375,000 issued and outstand ing $5 par common shares. During 2019, Fusion entered into the following transactions: Declared a S0.30 per-share cash dividend on March 10. Paid the $0.30 per-share dividend on April 10. Repurchased 8,000 common shares at a cost of $18 each on May 2. Sold 1.500 unissued common shares for $23 per share on June 9. Declared a $0.45 per-share cash dividend on August 10. Paid the $0.45 per-share dividend on September 10. Declared and paid a 5% stock dividend on October 15 when the market price of the common stock was $25 per share. Declared a $0.50 per-share cash dividend on November 10. Paid the $0.50 per-share dividend on December 10. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) Determine the total dollar amount of dividends (cash and stock) for the year. CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.
- Subscriptions On August 3, 2019, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of 100 par preferred stock at 104 per share and 9,000 shares of 110-par, no-stated-value common stock for 22 per sl1are. The subscription contracts require a 10% down payment, with the balance due by November 1, 2019. Shares are issued to each subscriber upon full payment. On November 1, Quinn received the remaining balances for the shares of preferred stock and common stock. Required: Prepare journal entries to record all the transactions related to: 1. the preferred stock 2. the common stockStock Dividends Crystal Corporation has the following information regarding its common stock: S10 par. with 500.000 shares authorized, 213,000 shares issued, and 183,700 shares outstanding. On August 22, 2019, Crystal declared and paid a 15% stock dividend when the market price of the common stock was $30 per share. Required: Prepare the journal entries to record declaration and payment of this stock dividend. Prepare the journal entries to record declaration and payment assuming it was a 30% stock dividend.Winona Company began 2019 with 10,000 shares of 10 par common stock and 2,000 shares of 9.4%, 100 par, convertible preferred stock outstanding. On April 2 and June 1, respectively, the company issued 2,000 and 6,000 additional shares of common stock. On November 16, Winona declared a 2-for-1 stock split. The preferred stock was issued in 2018. Each share of preferred stock is currently convertible into 4 shares of common stock. To date, no preferred stock has been converted. Current dividends have been paid on both preferred and common stock. Net income after taxes for 2019 totaled 109,800. The company is subject to a 30% income tax rate. The common stock sold at an average market price of 24 per share during 2019. Required: 1. Prepare supporting calculations for Winona and compute its: a. basic earnings per share b. diluted earnings per share 2. Show how Winona would report the earnings per share on its 2019 income statement. Include an accompanying note to the financial statements. 3. Next Level Assume Winona uses IFRS. Discuss what Winona would do differently for computing earnings per share, and then repeat Requirement 1 under IFRS.