Got a tricky question? Receive an answer from students like you! Try us!

HW12 - Math Problem Example

Only on StudentShare
Undergraduate
Author : rschinner
Math Problem
Miscellaneous
Pages 2 (502 words)

Summary

F. Calvert and G. Powers have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $20,000 for Calvert and $12,000 for Powers, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 60% by Calvert and 40% by Powers.

Extract of sample
HW12

Prepare the journal entry to record the allocation of net income. (List multiple debit/credit entries in descending order of amount.)
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000 to Guillen and $25,000 to Williams, with the remainder divided 45% to Guillen and 55% to Williams. Prepare the journal entry to record the allocation of net income. (List multiple debit/credit entries in descending order of amount.)
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,000 to Guillen and $35,000 to Williams, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income. (List multiple debit/credit entries in descending order of amount.)
The Best Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Rodriguez $45,000 and Escobedo $20,000. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Rodriguez and Escobedo income ratios are 60% and 40%, respectively.
The Best Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Rodriguez $45,000 and E ...
Download paper
Not exactly what you need?

Related Essays

Moral Decisions Essay
This is similar to how we acquired our morals. These are directly affected by external factors that influence us to act or think accordingly. Among the three, emotion is the only thing that cannot be controlled or influenced by other things. Janice Ho, a psychologist, once said that although emotion is one of the most primitive taints left in man, it is also the most complex, since no man has ever gained total control of it before. (Ho, Janice, 236).…
2 pages (502 words)
Employment Laq
Under Section 706(b)[3] of the statute, the notice must include the date, place and the circumstances of the alleged unlawful employment practice so that the employer may be apprised of the nature of the charges against it. However, the name of the charging party need not be included. If the EEOC totally fails to notify an employer of the charges, the courts, as the District Court did in EEOC v. St. Anne's Hospital of Chicago, Inc.,have ruled that the EEOC could not bring a suit on that charge. The Supreme Court in Shell Oil Co. v. EEOC held that notice was adequate, even while not technically…
3 pages (753 words)
Crime Seriousness Survey
People from different fields, whether it is field of education, politics or some other field, have taken keen interest in determining the seriousness of crimes. …
4 pages (1004 words)
Emerging New HR Concepts
The structure of an industry has a major role in defining a company's competitive advantage in this global scenario. An industry is conceived as a group of companies that market products which substitute each other. The structure of an industry has a direct relation to its profitability. Service industry can be considered as a classic example in this regard. In the post liberalization and globalization era, the concept of outsourcing has gained more attention. Cost is playing a major role deciding the competitive advantage of an organization. Companies are thinking of different options to…
10 pages (2510 words)
Law/Tort Law
In the context of the above law, there are quite a few options open to Melissa and Andrew. Colin, an acquaintance by chance, took Andrew water skiing on a lake about 5 miles from their hotel. While skiing, Andrew fell into the lake and went missing. Colin, following the events, jumps into the murky water hoping to save Andrew. Unable to trace Andrew, Colin rushes back to land in the hope of finding help to trace Andrew.…
4 pages (1004 words)
European Studies 2
According to Machiavelli, good intentions, strong moral convictions and even technical expertise do not guarantee success in the political and administrative arena (Dobel, 1998). "The man who wants to act virtuously in every way necessarily comes to grief among so many who are not virtuous."…
5 pages (1255 words)
HW12/ Human resource
y does have a case under another category based on the fact that he consulted a medical expert on his condition and the advice of that physician was declined in lieu of the general physician’s advice.…
1 pages (251 words)