User Account

All Pages

Find the new balances in the individual partner accounts

Assignment Help Accounting Basics
Reference no: EM133170486

Question - The capital balances of Jessica and Milla are $32,500 and $55,000, respectively, at the beginning of the accounting period. During the year Jessica invested an additional $5,000 and the partners withdraw $9,500 and $15,200, respectively. The profit and loss sharing ratio is 3:2. The income earned by the partnership amounts to $30,000. Record in general journal form the entries:

1. The additional investment by Jessica.

2. The distribution of the net income to the partners.

3. The closing of the respective drawing accounts.

Required - Find the new balances in the individual partner's accounts.

Reference no: EM133170486

Questions Cloud

Describe two ways of reporting on research : 1. Describe two ways of reporting on research. 2. Explain the concept of research ethics.
Prepare a schedule that shows the amount of expense : Prepare a schedule that shows the amount of compensation expense allocable to each year affected expenses by the stock- appreciation rights plan
Australian code for the responsible conduct of research : 1. Under the 'Australian Code for the responsible Conduct of Research', what are some of the recognition principles that apply to Aboriginal and Torres Strait I
Review cardinal health company mission : Review Cardinal Health's Company's mission and values statements as well as other sources that provide insight into Cardinal Health's values
Find the new balances in the individual partner accounts : The profit and loss sharing ratio is 3:2. The income earned by the partnership amounts to $30,000. Find the new balances in the individual partner accounts
Difference between hotel operated by management company : Explain the difference between a hotel operated by a management company, a franchise, and "the corporate" brand.
Determine the effect of manager tenure on division growth : Question 1: Run a regression designed to determine the effect of manager tenure on division growth.
Compute the percentage return, capital gain : A stock had an initial price of $20, paid a dividend of $1 per share during the year, and had an ending price of $24. Compute the percentage return
What was the amount paid for taxes : Sneed Corporation reported balances in the following accounts for the current year: What was the amount paid for taxes

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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