Question

Meir, Benso and Lau are partners and share income and loss in a 3:2:5 ratio. The...

Meir, Benso and Lau are partners and share income and loss in a 3:2:5 ratio. The capital balences are M $168k, B $138k, and L $294k. Rhodes is added to the partnership on Feb 1 with a 25% equity. Rhodes invests $262k. What are the journal entries for the addition of Rhodes?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in...
Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $38,000; Benson, $159,000; and Lau, $203,000. Benson decides to withdraw from the partnership. 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b)...
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra,...
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Assets Liabilities Cash $ 180,800 Accounts payable $ 245,500 Inventory 537,200 Equity Kendra, Capital 93,000 Cogley, Capital 212,500 Mei, Capital 167,000 Total assets $ 718,000 Total liabilities and equity $ 718,000    Required: For each of the...
Ali and Kamel are partners who share income and losses in the ratio of 3:2, respectively....
Ali and Kamel are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Ali, 175,000 and Kamel, 150,000. On that date, they agree to admit Thamer as a partner with a one-third capital interest. If Thamer invests 125,000 in the partnership, what is Ali's capital balance after Thamer's admittance
Turner, Roth, and Lowe are partners who share income and loss in a 1:3:6 ratio. After...
Turner, Roth, and Lowe are partners who share income and loss in a 1:3:6 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $123,000; total liabilities, $92,250; Turner, Capital, $1,300; Roth, Capital, $9,425; and Lowe, Capital, $20,025. The cash proceeds from selling the assets were sufficient to repay all but $29,000 to the creditors.    (a) Calculate the gain (loss) from...
Hunter, Fulgers, and Tulip have been partners while sharing net income and loss in a 5:3:2...
Hunter, Fulgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunters, 50%; Folgers, 30%, and Tulip, 20%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter,$150,000; Folgers$90,000 ; and Tulip$60,000. Prepare journals entries to record Tulips retirement under each separate assumption where Tulip is paid for his equity using partnership cash of (1) $60,000; (2) 80,000; and (3) 30,000
1/ Barber and Atkins are partners in an accounting firm and share net income and loss...
1/ Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $129,000, and Atkins' beginning partnership capital balance for the current year is $286,000. The partnership had net income of $306,000 for the year. Barber withdrew $47,000 during the year and Atkins withdrew $120,000. What is Atkins's return on equity? Multiple Choice 68.3% 48.0% 50.6% 53.5% 25.3% 2/ Hewlett and Martin are partners. Hewlett's...
The Struter Partnership has total partners' equity of $480,000, which is made up of Main, Capital,...
The Struter Partnership has total partners' equity of $480,000, which is made up of Main, Capital, $336,000, and Frist, Capital, $144,000. The partners share net income and loss in a ratio of 83% to Main and 17% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare journal entries to record the admission of Adison for a 20% interest in the equity...
The partners' profit and loss sharing ratio is 2:3:5, respectively. D, E, AND F PARTNERSHIP Balance...
The partners' profit and loss sharing ratio is 2:3:5, respectively. D, E, AND F PARTNERSHIP Balance Sheet December 31, 2021 ​ Assets Liabilities and Partners' Equity Cash $35,000 Liabilities $ 40,000 Equipment 90,000 D, Capital 30,000 Accum.dep.–equipment (15,000) E, Capital 25,000 ​ F, Capital 15,000 Total $ 110,000 Total $ 110,000 If the D, E, and F Partnership is liquidated by selling the equipment for $45,000 and creditors are paid in full, what is the amount of cash that can...
1. Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital...
1. Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $93,600 and $91,300, respectively. The partnership generated net income of $41,400. What is Tomas's capital balance after closing the revenue and expense accounts to the capital accounts? a.$139,390 b.$124,650 c.$119,172 d.$130,463 2. Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is...
Arlene, Brad, and Chick are partners, sharing income 2:1:2. After selling all of the noncash assets...
Arlene, Brad, and Chick are partners, sharing income 2:1:2. After selling all of the noncash assets for cash, dividing gains and losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Arlene, $20,000 Credit; Brad, $10,000 Credit; and Chick, $30,000 Credit. How much cash should be distributed to Arlene? The capital balances in the ABC partnership shows a credit balance for partners A & B. Partner C, however, has a debit balance of $19,000. The...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT