David winner is to retire from the partnership of winner

Assignment Help Accounting Basics
Reference no: EM13480092

David Winner is to retire from the partnership of Winner and Associates as of , the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows:

David Winner, $210,000; Alexis Richards, $125,000; and Marcus Williams, $140,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $32,000, and the allowance for doubtful accounts should be increased by $4,000. Winner agrees to accept a note for $150,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Richards and Williams are to share equally in the net income or net loss of the new partnership.

Reference no: EM13480092

Questions Cloud

Determine the amount of retained earnings at december 31 : balance sheet preparation with a missing element the following data are available for schubert products inc. as of
You would like to compute the beta of your portfolio your : you would like to compute the beta of your portfolio. your portfolio currently consists of 4 stocks plus 2200 of
The marginal tax rate is 35 percent and the appropriate : archer daniels midland company is considering buying a new farm that it plans to operate for 10 years. the farm will
Shelley and co has the following balance sheet elements as : balance sheet classi?cations and relationships shelley and co. has the following balance sheet elements as of december
David winner is to retire from the partnership of winner : david winner is to retire from the partnership of winner and associates as of the end of the current fiscal year.
Briarcrest condiments is a spice-making firm recently it : briarcrest condiments is a spice-making firm. recently it developed a new process for producing spices. the process
Pesky pet requires customers are required to sign annual : you are engaged in your first audit of pesky pest control pty ltd for the year ended 30 june 2012. the company began
Management anticipates an increased working capital need of : 1 briarcrest condiments is a spice-making firm. recently it developed a new process for producing spices. the process
Using the following information compute total : using the following information compute total revenues.nbspnbspcaution not all of the items listed should be included

Reviews

Write a Review

Accounting Basics Questions & Answers

  Problem related to beginning balance

If Cash has debit postings of $52,000, credit postings of $39,000, and a normal ending balance of $22,000, what was its beginning balance?

  Show the computation of expenses on the accrual basis

Expenses paid during 2008 were $80,000. Expenses paid in advance were $4,000 as at December 31, 2007, and the balance of expenses paid in advance was $8,000 as at December 31, 2008.

  Accountant method of recording returns

The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $65,900. Was the accountant's method of recording returns acceptable?..

  Parking space inc distributed 18000 to speedways inc a 15

parking space inc. distributed 18000 to speedways inc. a 15 percent shareholder. parking spaces eampp applicable to

  Calculate the travel expenses by com-pany personnel

Required: On the basis of the preceding information, prepare journal entries to adjust Clapton's books as of December 31, 2013. Each entry explanation should include supporting computations. (Round to the nearest dollar.)

  Find certification in accounting or related one in finance

In addition, let me know which one interests you the most and how you would go about preparing to accomplish this great goal. Salary, jobs available, and other related information is what we will be looking for this week.

  Additional first-year depreciation

It is used 100% of the time for business and it is the only business asset acquired by Norm during 2010. Compute the maximum deduction with respect to the SUV for 2010. If Congress reenacts additional first-year depreciation for 2010, Norm elects ..

  What is the appropriate balance for the allowance for

a corporation operates in an industry that has a high rate of bad debts. before any year-end adjustments the balance in

  Post the transactions to the ledger t accounts

Journalize the transactions, including explanations.  (Note, enter all accounts in one box.  The dates have been included to help with formatting).

  Investment in total income

Mouns Company owns 30% interest in the stock of Darian Corporation. During the year, Darian pays $20,000 in dividends to Mouns, and reports $100,000 in net income. Mouns Company's investment in Darian will increase Mouns' net income by?

  Overhead cost calculation for individual lawyer

A lawyer allocates overhead costs based on his hours working with different clients. The lawyer expects to have $200,000 in overhead during the year and expects to work on clients' cases for 2,000 hours during the year.

  Identify the type of merger activity in your industry or one

Identify the type of merger activity in your industry or one with which you are familiar-horizontal, vertical, or conglomerate-and explain why you made that choice.

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!

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