Reference no: EM132623990
S, M and Z form a partnership and agree to allocate income equally after recognition of 10% interest on beginning capital balances and monthly salary allowances of $ 2,000 to S and 1,500 $ to Z , Capital balances on January 1 were as follow : S $ 40,000 , M $25,000 and Z $30,000 .
Required :
Question 1: Calculate the net income ( loss ) allocation to each partner if the Net losses for the year is $ 38,300 and Journalize the allocation of net income .
After you solve the questions your answer must include the following items :
Question 2: Explain in details the journal entries ( why its recorded in debit or credit side ) and the nature of account Dr or Cr and its classification Assets , liabilities , owner's equity , Revenue or expenses .
Question 3: Define partnerships and explain it's types , characteristics and compare it with similar organizations .
Question 4: Explain the methods of profits and losses allocation .
Question 5: - Illustrate how the partners can admit or withdraw from the partnerships .
Question 6: Define The Fair value and re-evaluation for assets and liabilities .
Question 7: Explain how can grant a bonus to old and new partner.
Record the repayment of borrowings to Canada Bank
: Question - On 1 October 20X6, Halpern Co. borrowed $135,000 from Canada Bank. Record the repayment of borrowings to Canada Bank
|
Explain the methods of profits and losses allocation
: Define partnerships and explain it's types , characteristics and compare it with similar organizations. Explain the methods of profits and losses allocation
|
What total amount of depletion should be recorded
: Vorst Company purchased a mineral mine for P26,400,000 with removable ore estimated at 1,200,000 tons. What total amount of depletion should be recorded
|
Why are you passionate about the topic of research
: Locate a dissertation on any topic by searching the ProQuest library database. Read the literature review section. Provide a one paragraph summary.
|
How calculate the net income allocation to each partner
: How Calculate the net income ( loss ) allocation to each partner if the Net losses for the year is $ 38,300 and Journalize the allocation of net income
|
Describe the concept or theory
: Explain in a short paragraph why you selected the word to describe the concept or theory you selected from each of the 2 chapters
|
Calculate the johnson equity share
: On January 2, 2018, Smith and Jones agree to accept, The equity of Smith and Jones $174,000. Calculate the Johnson's equity share and prepare journal entries
|
Describe a significant clinical issue
: Describe a Significant Clinical Issue. Please review a current literature and provide an article that relates to the topic. In this thread, please discuss how.
|
What amount of inventory is recorded
: A company has an account payable to a U.S. company, a supplier of inventory, in the amount of US$230,000. What amount of inventory is recorded
|