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- Which of the following entities is required to report on the accrual basis? An accounting firm operating as a Personal Service Corporation. A manufacturing business with $30 million of gross receipts operating as a regular C corporation. A corporation engaged in tropical fruit farming in Southern California. A partnership with gross receipts of $13 million and all of the partners are individuals with a December year-end.In Sandhill Co., the capital balances of the partners are A. Anderson $27,900 ; S. Harrin $23,250 ; and K. Robinson $33,480 . The partners share profit equally. On June 9 of the current year, D. Garcia is admitted to the partnership by purchasing one-half of K. Robinson's interest for $18,600 paid to him personally. Journalize the admission of Garcia on June 9. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)\\nDate Account Titles\\nDebit\\nCredit\\nJune 9\\nD. Garcit, Capi\\neTextbook and MediaTalent, a local HR consulting firm, has total partners’ equity of $764,000, which is made up of Hall, Capital, $602,000, and Reynolds, Capital, $162,000. The partners share profit/(losses) in a ratio of 75% to Hall and 25% to Reynolds. On July 1, Morris is admitted to the partnership and given a 20% interest in equity. Required: Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of: a. $191,000 - Record the admission of Morris b. $232,000 -Record the admission of Morris c. $112,000 -Record the admission of Morris
- Talent, a local HR consulting firm, has total partners’ equity of $798,000, which is made up of Hall, Capital, $619,000, and Reynolds, Capital, $179,000. The partners share profit/(losses) in a ratio of 80% to Hall and 20% to Reynolds. On July 1, Morris is admitted to the partnership and given a 20% interest in equity.Required:Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of:a. $199,500 Record the admission of morris b. $249,000 Record the admission of morris. c. $129,000 Record the admission of morrisThe capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Allison withdrew $32,000 and $39,000, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no referenceto the division of net income.a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts.b. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison.The capital accounts of Angel Alvarez and Emma Allison have balances of $105,000 and $77,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $12,000. During the year, Alvarez and Allison withdrew $57,000 and $46,000, respectively, and net income for the year was $146,000. Revenues were $567,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. a. Journalize the entry to close the revenues and expenses. For a compound transaction, if an amount box does not require an entry, leave it blank. Angel Alvarez, Capital fill in the blank e37f5f05b059f91_2 fill in the blank e37f5f05b059f91_3 Emma Allison, Capital fill in the blank e37f5f05b059f91_5 fill in the blank e37f5f05b059f91_6 Emma Allison, Drawing fill in the blank e37f5f05b059f91_8 fill in the blank e37f5f05b059f91_9 fill in the blank e37f5f05b059f91_11 fill in the blank…
- The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Allison withdrew $32,000 and $39,000, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. -Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.The capital accounts of Angel Alvarez and Emma Allison have balances of $44,880 and $71,910, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $7,750. During the year, Alvarez and Allison withdrew $30,730 and $38,870, respectively, and net income for the year was $62,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Required: A. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. B. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison.The following debit (credit) balances on the account of SAM Partnership are as follows: Sucrose, Capital (P1,000,000) Albedo, Capital ( 1,200,000) Mona, Capital ( 800,000) Sucrose, Loan 100,000 Albedo, Loan 300,000 Mona, Loan ( 100,000) Sucrose, Albedo and Mona currently allocate their profits and losses based on the ratio of 3:4:3, respectively. With the consent of the remaining partners, Albedo decided to retire from the partnership by selling 75% of his capital to…
- Kareen Labor, Lalaine Dajao and Leah Magno were partners in a business engaged in printingand publishing. The statement of financial position reveals that their business has no obligationto outside creditors. The partners share profit or loss 30%, 20%, and 50%, respectively. ASSETS PARTNER'S EQUITYCash 120,000 Labor, Capital 400,000Accounts receivable 150,000 Dajao, Capital 280,000Inventory 260,000 Magno, Capital 150,000Equipment 300,000Total 830,000 Total 830,000 On January 1, 2021, the partners agree to admit Jimwell Acenas as a new partner afterconsidering the following revaluation and adjustments:1. Allowance for doubtful accounts of P20,000 is to be established for possible uncollectibleaccount.2. Inventories should be recorded at their net realizable value of P240,000.3. The net book value of the equipment should be adjusted at…At April 30, partners’ capital balances in Crane Company are G. Donley $ 54,080, C. Lamar $ 49,920, and J. Pinkston $ 18,720. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. (1) Terrell purchases 50% of Pinkston’s ownership interest by paying Pinkston $ 16,640 in cash. (2) Terrell purchases 331/3% of Lamar’s ownership interest by paying Lamar $ 15,600 in cash. (3) Terrell invests $ 64,480 for a 30% ownership interest, and bonuses are given to the old partners. (4) Terrell invests $ 43,680 for a 30% ownership interest, which includes a bonus to the new partner. Journalize the admission of Terrell under each of the following independent assumptions.Tyson Tapestries is an unincorporated partnership formed by Brenda Tyson, Rhonda Lentil, and Constance Cummings. They contributed initial capital of $90,000, $60,000 and $40,000 respectively. During the year Brenda contributed an additional $10,000 and withdraw $13,250 from her capital account. Net income was $100,000 and income is distributed to the partners in the ratio of their capital contributions. Required 1: What is the balance of the equity account of Brenda Tyson in the year end financial statements? Required 2: What is the balance of the capital account of Rhonda Lentil in the year end financial statements? Required 3: What is the balance of the capital account of Constance Cummings in the year end financial statements?
