Kenny and Jeff form a partnership. During the year, Kenny and Jeff withdraw $29,000 and $24,000, respectively. Which of the following will be included in the journal entry to record the withdrawals? OA. debit to Kenny, Withdrawals for $29,000 OB. credit to Kenny, Withdrawals for $29,000 OC. credit to Jeff, Withdrawals for $24,000 OD. debit to Jeff, Withdrawals for $5,000
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- Anthony and Erin start a partnership with capital contributions of $64,300 and $94,800, respectively. Over the course of the year, Anthony withdraws $2,300 from the business in order to meet his personal expenses. Which of the following is the correct journal entry to close Anthony's withdrawals account at the end of the year? O Anthony, Withdrawals 2,300 Anthony, Capital O Anthony, Withdrawals Cash 0 0 0 O Anthony, Capital Anthony, Withdrawals O Cash Anthony, Withdrawals 2,300 2,300 2,300 2,300 2,300 2,300 2,300Financi (xii) At the end of the first month, they each took $2,000 out of the bank account as a personal withdrawal. (xiii) Their best estimate of depreciation on the van and the catering equipment was $500 for the month. would be recorded in the partnership's accounting records. Indicate the Use the accounting equation to show how each of the above transactions effect of each one on assets, liabilities, and equity.Last year Nate opened a savings account with a deposit of $17,250. The account was in the name of Nate and Derrick, joint tenancy with the right of survivorship. Derrick did not contribute to the account, but this year he withdrew $5,750. Required: a-1. Has Nate made a complete gift? a-2. What is the amount of the complete gift, if any, and when was the gift made? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What is the amount of the complete gift, if any, and when was the gift made? Amount of complete gift At the time of withdrawal
- On October 31, Sally retires from the partnership of Sally, Blake, and Taylor. The partner capital balances are Sally, $36,000; Blake $47,000; and Taylor, $26,000. The profit-and-loss-sharing ratio has been 5:3:2 for Sally, Blake, and Taylor, respectively. Requirements 1. Journalize the withdrawal of Sally assuming she receives $75,000 cash. 2. Journalize the withdrawal of Sally assuming she receives $32,000 cash. ..... Requirement 1. Journalize the withdrawal of Sally assuming she receives $75,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Oct. 31On October 31, Sally retires from the partnership of Sally, Blake, and Taylor. The partner capital balances are Sally, $36,000; Blake $47,000; and Taylor, $26,000. The profit-and-loss-sharing ratio has been 5:3:2 for Sally, Blake, and Taylor, respectively. Requirements 1. Journalize the withdrawal of Sally assuming she receives $75,000 cash. 2. Journalize the withdrawal of Sally assuming she receives $32,000 cash.Gloria and Michael started a partnership, each one did an initial investment of 20,000 in cash. What are the journal entries for Gloria and Michael investment.
- Hay, Straw and Clover formed the HSC Partnership, agreeing to share profits and losses equally. Clover will manage the business for which he will receive a guaranteed payment of $30,000 per year. Cash receipts and disbursements for the year were as follows: Net income from operations (before guaranteed payment) $ 90,000 Guaranteed payment to Clover 30,000 What amount of income will each partner report on their personal return?Ahmed and Salim form a partnership on June 1. Ahmed contributes OMR 15,000 cash, inventory with a market value of OMR 40,000 , and Accounts Payable of OMR 80,000. Ahmed also contributed computer equipment with a cost of OMR 80,000 and accumulated depreciation of OMR 20,000 . Current market value is OMR 85,000 Ahmed's Capital will be Select one: O a. Credit, 30,000 O b. Credit, 60,000 O c. Debit, 30,000 O d. Debit, 60,000T. Thomas withdraws from his partnership with five other partners and takes cash equal to his capital balance, in the amount of $25,000. The journal entry to reflect this transaction would include which of the following? (Check all that apply.) Multiple select question. Credit to Cash Debit to T. Thomas, Capital Credit to T. Thomas, Capital Debit to Cash
- On January 01, 2020, Malachi and Haggai agreed to form a partnership. The following are their assets and liabilities. ACCOUNTS MALACHI HAGGAI Cash P 136,000 P 76,000 Accounts Receivable 88,000 48,000 Inventories 304,000 364,000 Machinery 480,000 440,000 Accounts Payable 216,000 144,000 Notes Payable 140,000 60,000 Malachi decided to pay-off his notes payable from his personal assets. It was also agreed that Haggai’s inventories were overstated by P24,000 and Malachi machinery was over-depreciated P20,000. Haggai is to invest/withdraw cash in order to receive a capital credit that is 20% more than Malachi’s total net investment in the partnership. Immediately after the formation, compute for the following: 1. Total cash of the partnership _______________ 2. Total assets of the partnership ______________ 3. Total capital of the partnership ______________On January 1, 2019, David and Enrile decided to form a partnership. At the end of the year, the partnership had a credit balance in its income summary account of P 120,000. The capital accounts of the partnership show the following transactions below. David Balance, January 1 P 300,000 Additional Investment, July 16 80,000 Withdrawal, September 15 ( 30,000) Enrile Balance, January 1 P 250,000 Additional Investment, May 8 100,000 Withdrawal, October 15 ( 75,000) Assuming that an interest if 20% per annum is given on average capital and the balance of the profits is divided equally, how much is the share of Enrile and David in profits for the year 2019?On January 1, 2020, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $34,000, $65,000, and $67,000, respectively. Over the next three years, the business reported net income and (loss) as follows: 2020 $ 77,000 2021 49,000 2022 (32,000 ) During this period, each partner withdrew cash of $18,000 per year. Krause invested an additional $4,000 in cash on February 9, 2021. At the time that the partnership was created, the three partners agreed to allocate all profits and losses according to a specified plan written as follows: Each partner is entitled to interest computed at the rate of 10 percent per year based on the individual capital balances at the beginning of that year. Because of prior work experience, Angela is entitled to an annual salary allowance of $15,500 per year, and Diaz is entitled to an annual salary allowance of $9,700 per year. Any remaining profit will be split as follows: Angela, 20…