User Account

All Pages

Calculate the ending capital balances for Shawn and Dan

Assignment Help Accounting Basics
Reference no: EM132579434

Question - Shawn invests $125,000 cash and $70,000 Equipment to form partnership of NH CableSource. The Equipment has a notes payable of $50,000. Dan invests $80,000 cash to Nh CableSource. Show the entries to form the partnership. The allocation agreement for income is salary Shawn $35,000, Dan $25,000, annual interest allowance of %15 percent of partner beginning capital balance and the rest of income or loss divided equally. During the year Shawn withdraws $15,000 cash and Dan withdraws $10,000 cash. Net Income for the year is $125,000. Calculate the ending capital balances for Shawn and Dan.

Reference no: EM132579434

Questions Cloud

How to explain the complementary role in productivity : How to Explain the complementary role in productivity and wastivity in effective utilization of resources in textile sector of pakistan
Metabolize the macromolecules of carbohydrates : How does the kidney metabolize the macromolecules of carbohydrates, proteins and fats
Population survive and reproduce : If all individuals in a population survive and reproduce equally well is natural selection occurring? Why or why not?
Carbohydrates made from g3p molecules : What are 3 carbohydrates made from G3P molecules?
Calculate the ending capital balances for Shawn and Dan : Shawn invests $125,000 cash and $70,000 Equipment to form partnership of NH CableSource. Calculate the ending capital balances for Shawn and Dan
Mutation results in constant beta-galactosidase : i) the IW mutation results in constant beta-galactosidase and permease production, even in the absence of lactose.
How would the company be affected : On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000, How would the company be affected if the check is written
Treatment of asthma exacerbation and copd exacerbation : What is the difference in treatment of asthma exacerbation and COPD exacerbation?
Find what annual increase in income would firm realize : What annual increase in income would your firm realize if the increase in cash could be invested at 7.5 percent, If this value could be reduced to 50 days?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Analyze the accounts and their balances

Michael Gould started a Web consulting firm called Gould Solutions. He began operations and completed seven transactions in April that resulted.

  Determine the amounts necessary to record income taxes

Determine the amounts necessary to record income taxes for 2016 and prepare the appropriate journal entry. (If no entry is required for a transaction/event.

  Calculate free cash flow

Suppose Canwest Global Communications Corp. reported net cash used by operating activities of $105,584,390. Calculate free cash flow

  Create a form on conducting a physical inventory count

Create a form and its accompying instructions on conducting a physical inventory count. the instructions should have numbered steps and visual aids from the form you created.

  Explain the impact to the companys stock price

Explain the impact to the company's stock price when the restatement was released and to future earnings forecast

  The classification of intangible assets includes goodwill

the classification of intangible assets includes goodwill. current fasb practice states that foodwill cannot be

  Safe security company manufacturers home alarms currently

safe security company manufacturers home alarms. currently it is manufacturing one of its components at a variable cost

  Ina machine company flexible budget

The production budgeted for September was 6,000 units. During the month, the company produced 6,200 units. The conversion costs incurred were:

  Explain how the accounting equation is impacted

Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for three months at $1,200 per month.

  Provide the journal entry needed on november

The date of record is November 15, and the payment date is November 30, 2014. Provide the journal entry needed on November 30

  Wind fall a manufacturer of leaf blowers began operations

wind fall a manufacturer of leaf blowers began operations this year. during this year the company produced 10000 leaf

  Determine the depreciation expense and the ending book

acme corporation purchased a new machine on september 30 20x1 at a cost of 23000. the machine is expected to last five

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd