Task 2.3: Mann, Haney and Young are partners. Haney, who has a capital balance of $140 000, has decided to retire. On February 1, Mann offers Haney $137 000 for his equity, and Haney accepts. Record the entry to record Haney's departure.
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- Instructions: Please answer it with complete solution. Thank you so much!! Rachelle, Patrick, and Lorreyn formed the RPL Professional Partnership on April 1, 20X2, by contributing capital. They agreed that Lorreyn would receive P20,000 as manager of the firm, and the remainder will be divided according to the profit ratio of 34%, 44%, 22%, respectively. At the end of the month, the company had a net loss of P900,000. Discuss how the loss shall be distributed in no more than five (5) sentences.Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $93,000 cash from Busby and $207,000 from Beatty. During Year 1, the partnership earned $62,900 in cash revenues and paid $34,050 for cash expenses. Busby withdrew $2,900 cash from the business, and Beatty withdrew $4,700 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required Prepare an income statement, capital statement (statement of changes in equity),Accounting A, B and C had capital balance of : A,$150,000; B, 120,000 and C, 200,000, profit sharing ratio: 1:2:3. A decides to retire. A is paid 180,000 and goodwill of all partners is recorded (Problem 5 related) what will be the balance in the Capital Account of B after A’s retirement? (Problem 5 related) what will be the balance in the Capital Account of C after A’s retirement? (Problem 5 related) true or false in the journal entry of A’s retirement, the goodwill account will be debited with $ 30,000.
- Accounting Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $93,000 cash from Busby and $207,000 from Beatty. During Year 1, the partnership earned $62,900 in cash revenues and paid $34,050 for cash expenses. Busby withdrew $2,900 cash from the business, and Beatty withdrew $4,700 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required Prepare an balance sheet, and statement of cash flows for B&B’s Year 1 fiscal year.Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2018. The business acquired $86,400 cash from Busby and $153,600 from Beatty. During 2018, the partnership earned $68,900 in cash revenues and paid $32,800 for cash expenses. Busby withdrew $3,000 cash from the business, and Beatty withdrew $3,700 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required: Prepare an income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows for B&B’s 2018 fiscal year.Tom and Julie formed a management consulting partnership on January 1, 2016. The fair value of the net assets invested by each partner follows: Tom Julie Cash $12,600 $11,200 Accounts receivable 7,400 5,700 Office supplies 2,100 900 Office equipment 32,600 — Land — 32,200 Accounts payable 2,200 5,500 Mortgage payable — 19,100 During the year, Tom withdrew $16,000 and Julie withdrew $12,800 in anticipation of operating profits. Net profit for 2016 was $46,200, which is to be allocated based on the original net capital investment. (a) Your answer is correct. Prepare journal entries to: 1. Record the initial investment in the partnership. 2. Record the withdrawals 3. Close the Income Summary and Drawing accounts. (Round intermediate calculations to 6 decimal places, e.g. 1.576843 answers to 0 decimal places, e.g. 5,125. Credit account titles are…
- Can I please get help wtih this question?6.3 Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally.Rachel, Monica and Phoebe are partners with capital balances of P896,000, P3,120,000 and 3,160,( respectively, sharing profits and losses in the ration 3:2:1. Janice is admitted as a new partner bringing with her expertise and is to invest cash for a 25% interest in the partnership, which includes a credit of P840,000 bonus upon his admission. 1.How much cash should Janice contribute? A.1,560,000 B. 1,800,000 C. 2,540,000 D. 672,000Accounting A, B and C had capital balance of : A,$150,000; B, 120,000 and C, 200,000, profit sharing ratio: 1:2:3. A decides to retire. A is paid 180,000 and goodwill of all partners is recorded (problem 5 related ) true or false in the journal entry of A’s retirement, the goodwill account will be debited with $ 60,000. (problem 5 related) Assume that B acquired C’s capital in a personal transaction and paid him $ 180,000. After this transaction the balance in B’s Capital Account will be ?
- 3. Bunag, Belen, and Bustos are partners in an accounting firm. Their capital account balances at year-end were P180,000, P220,000, and P100,000, respectively. They share profits and losses on a 4:4:2, ratio respectively, after considering the following terms: a. Bustos is to receive a bonus of 10% of profit after deducting bonus b. Interest of 10% shall be paid on that portion of a partner’s capital in excessof P200,000. c. Salaries of P20,000 and P24,000 shall be paid to partners Bunag and Bustos,respectively. Assuming a profit of P220,000 for the year. REQUIRED: Prepare the following:A. Profit or Loss Distribution TableB. Corresponding JOURNAL ENTRY to distribute profit or lossPROBLEM – 3 Dagnachew and Firdu formed a partnership. Dagnachew invested Birr 90,000 and Firdu invested Birr 60,000. Dagnachew is to devote one-half time to the business while Firdu is to devote full time. The following plans for the division of income are being considered: equally in the ratio of original investments in the ratio of time devoted to the business Interest of 12% on original investments and the reminder equally. Interest of 12% on original investments, salaries of Birr 10,000 to Dagnachew and Birr 20,000 to Firdu, and the remainder equally. The same as in #5 except that Dagnachew is also to be allowed a bonus equal to 25% of the amount by which net income exceeds salary allowances. Required: Determine the division of income to Dagnachew and Firdu under each plan assuming the partnership of Danagnachew and Firdu earned a net income of: A. Birr 32,000 B. Birr 150,000On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau Lavoi Contribution $304,000 cash $202,000 land $144,900 building Profit sharing $184,800 salary allowance 5% of original capital investments 5% of original capital investments 40% of remaining 60% of remaining Cash withdrawal March 20, 2023 $129,800 Net Income during the year was $509,600 and was in the Income Summary account.On April 1, 2023 Travis Roberts invested $139,400 and was admitted to the partnership for a 20% interest in equity.Required:1. Prepare journal entries for the following dates.a. April 1, 2022