How to record the acceptance of an industrial partner

Assignment Help Accounting Basics
Reference no: EM132787749

Question 1. How to record the acceptance of an industrial partner to the partnership?

a. General journal through memo entry

b. General ledger through a memo entry

Question 2. When the partners agreed to divide the profit and loss using an arbitrary ratio, the inequality of the profit and loss sharing is due to capital balances.

true or false

Question 3. When money or properties are important to the success of the partnership, the preferred profit and loss sharing should be based on the partner's capital contributions.

true or false

Question 4. It is an asset account?

a. Loans to Partner

b. Loans from Partner

Question 5. The interest on the money borrowed by the partner from the partnership is

a. profit sharing allocation device

b. interest expense

c. other income

Reference no: EM132787749

Questions Cloud

Concentration of the chloride ions : The dry precipitate had a mass of 6.2g. What was the concentration of the chloride ions in the solution of magnesium chloride?
Determine angel net income for tax purposes : Determine Angel's net income for tax purposes for 2020 in accordance with the aggregating formula of Section 3 of the Income Tax Act
Establish the health and public image of a company : Research at least five areas of publicly available information (such as the Dow Jones or top search engine results) that help to establish the health.
Calculate the theoretical yield of calcium hydroxide : The reaction yielded 2.5 grams of calcium hydroxide. Calculate the theoretical yield of calcium hydroxide and %Yield for the reaction.
How to record the acceptance of an industrial partner : How to record the acceptance of an industrial partner to the partnership? What The interest on the money borrowed by the partner from the partnership is
Understanding and analyzing your role : Evaluate your learning and development throughout your professional career. Ideally, this activity will facilitate the integration of theory and practice
Discuss about bank failures and bank diversification : Review the two articles about bank failures and bank diversification that are found below this. Economic history assures us that the health of the banking.
Compute for the final tax due : Compute for the final tax due? On January 1, 2014, PEDRO invested P1,000,000 to JUAN Bank's 10-year, tax-free time deposit.
How much should the post company report on the balance sheet : Post Company purchased 40,000 shares of the stock of Malone Co, How much should the Post Company report on the balance sheet

Reviews

Write a Review

Accounting Basics Questions & Answers

  The geurtz company uses standard costing the company makes

the geurtz company uses standard costing. the company makes and sells a single product called a roff. the following

  What is the plantwide overhead rate based on direct labor

What is the plantwide overhead rate based on direct labor hours

  Should cbu develop to avoid such problems in the future

On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at yeas-end closing, CBU's system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors perfor..

  What are the consequences

The price of the item to be purchased has nearly tripled during the year, If the accountant recommends the purchase, what are the consequences

  Scott age 49 is a surviving spouse his household includes

compute taxable income in the following independent situationsscott age 49 is a surviving spouse. his household

  Stowers research issues bonds dated january 1 2011 that pay

stowers research issues bonds dated january 1 2011 that pay interest semiannually on june 30 and december 31. the bonds

  What is the present value of a cash flow stream

What is the present value of a cash flow stream of $1,000 per year annually for 12 years that then grows at 4.6 percent per year forever

  Description of the policy or procedure to be implemented

Assume you are the internal controls expert for your company. A detailed description of the policy or procedure to be implemented

  Which type of canvas is used for insights around execution

What are two reasons that Product Managers concern themselves with in-licensing options? Which type of canvas is used for insights around execution details

  Define the bank credited our account for a deposit

The bank credited our account for a deposit made by another bank customer

  Find how much is capital balance of a after admission of c

20% interest in the partnership by investing 120,000 to the business. No bonus is given to C how much is the capital balance of A after the admission of C?

  Result of working these additional hours

If after the Civil War, African-American farmers had continued to work these additional hours, their production and income would have been higher and so would have been U.S. GDP. Would the farmers' well-being also have been higher as a result of w..

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