Question

Wallace and Simpson formed a partnership or Wallace contributing $68,000 and Simpson contributing $48,000 the partnership...

Wallace and Simpson formed a partnership or Wallace contributing $68,000 and Simpson contributing $48,000 the partnership agreement cost for the income lost Vision to be based on the ratio of capital Investments the partnership had income of $145,000 for his first year of operation when the income summary is closed the journal entry to allocate partner income is

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
Please show all the calculation) Alban and Thompson formed a partnership with capital contributions with a...
Please show all the calculation) Alban and Thompson formed a partnership with capital contributions with a fair value of $25,000 and $45,000, respectively. Their partnership agreement calls for Alban to receive a $12,000 annual salary allowance. Also, each partner is to receive a share of earnings equal to a 10% return on capital investments. The remaining income or loss is to be divided equally. If the profit for the year is $48,000, then Alban and Thompson's respective shares are:
Calvin and Hobbs formed a partnership with capital contributions of $150,000 and $180,000, respectively.The partnership agreement...
Calvin and Hobbs formed a partnership with capital contributions of $150,000 and $180,000, respectively.The partnership agreement called for Calvin to receive a $60,000 annual salary allowance. They also agreed to allow each partner a share of income equal to 10% of their initial capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $110,000, what are Calvin and Hobbs respective ending capital balances after they each withdrew $40,000 for...
Tyler Hawes and Piper Albright formed a partnership, investing $180,000 and $120,000, respectively. Determine their participation...
Tyler Hawes and Piper Albright formed a partnership, investing $180,000 and $120,000, respectively. Determine their participation in the year's net income of $282,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 18% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $48,000 and $66,000, respectively, and the balance divided equally. Allowance of interest at...
Tyler Hawes and Piper Albright formed a partnership, investing $62,500 and $187,500, respectively. Determine their participation...
Tyler Hawes and Piper Albright formed a partnership, investing $62,500 and $187,500, respectively. Determine their participation in the year's net income of $270,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $36,000 and $48,000, respectively, and the balance divided equally. Allowance of interest at...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $53,000 in the Camden & Sayler...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $53,000 in the Camden & Sayler partnership for ownership equity of $53,000. Prior to the investment, equipment was revalued to a market value of $366,000 from a book value of $294,000. Kevin Camden and Chloe Sayler share net income in a 1:3 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank....
Emma,  Ester and Evan formed a partnership last year.  Emma invested $150,000, Evan $50,000 and Ester $200,000.  Emma has...
Emma,  Ester and Evan formed a partnership last year.  Emma invested $150,000, Evan $50,000 and Ester $200,000.  Emma has taken on the role of store manager while Ester will work only three quarters of the time to allow her to complete her education in nursing and Evan has his own law firm and will not be an active partner in this business.   Net Income for the year is $130,000.  The partnership agreement states that Emma will receive a salary of $40,000 and Ester will...
Cook and Parker formed a partnership with capital contributions of $50,000 and $60,000 respectively. Their partnership...
Cook and Parker formed a partnership with capital contributions of $50,000 and $60,000 respectively. Their partnership agreement called for Cook to receive a $9,000 annual salary allowance, and each partner to receive a share of profit equal to a 5% return on capital investments. The remaining income or loss is to be divided 50% to Cook and 50% to Parker. If the profit for the year is $105,000, what are Cook and Parson's respective shares? Prepare the required closing entry.Your...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $192,000 and $96,000, respectively....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $192,000 and $96,000, respectively. Determine their participation in the year's net income of $324,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 12% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $45,000 and $63,000, respectively, and the balance divided equally. Allowance...
Able, Baker, and Collins formed a partnership on January 1, 2016, with investments of $200,000, $250,000,...
Able, Baker, and Collins formed a partnership on January 1, 2016, with investments of $200,000, $250,000, and $350,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $25,000 to Able, $20,000 to Baker and $15,000 to Collins, and (3) sharing the remainder of the income or loss in a ratio of 25% for Able, and 25% for Baker and 50% for Collins. Partnership net income was...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $369,000 and $123,000, respectively....
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $369,000 and $123,000, respectively. Determine their participation in the year's net income of $264,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 18% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $78,000 and $108,000, respectively, and the balance divided equally. Allowance...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT