Journalize the withdrawal of carl

Assignment Help Managerial Accounting
Reference no: EM13527444

John, Susan, and Carl each have a $200,000 capital balance. They share profits and losses as follows: 1:2:1 to John, Susan, and Carl, respectively. Suppose Carl is withdrawing from the business, and the partners agree that no appraisal of assets is needed.

Requirements

1. Journalize the withdrawal of Carl if the partnership agrees to pay Carl $200,000 cash.

2. Journalize the withdrawal of Carl if the partnership agrees to pay Carl $140,000 cash.

Reference no: EM13527444

Questions Cloud

What force must this seat exert on him during liftoff : At launch, the Space Shuttle weighs 4.5 million pounds (2.04 million kilograms). As the vehicle starts from rest on the launch pad, what force must this seat exert on him during liftoff
The least upper bound of the set : Prove that the upper sum U(f, P) for a partition of [a, b] and a bounded function f on [a, b] is the least upper bound of the set of all Riemann sums for f and P.
Explain the half-life of plutonium-239 : The half-life of plutonium-239 is 24 110 yrs. Of an original mass of 100.g, how much plutonium-239 remains after 96 440 yrs?
What was the change in its internal energy : Suppose that 0.0025 m^3 of gas in a cylinder is compressed by a piston down to 0.001 m^3 while 675 J of heat flows out of the gas. what was the change in its internal energy
Journalize the withdrawal of carl : Journalize the withdrawal of Carl if the partnership agrees to pay Carl $200,000 cash - journalize the withdrawal of Carl if the partnership agrees to pay Carl $140,000 cash.
Calculate how much heat flows into the gas : An ideal gas at STP, originally occupying a volume of 0.115 m^3, expands isothermally until its pressure falls to 0.85 atm. How much heat flows into the gas
Explain solutions containing the barium and sulfate ions : Barium Sulfate can be made by mixing solutions containing the barium and sulfate ions. The net ionic equation for this reaction is Ba2+(aq) + SO4 2-(aq) ----> BaSO4(s)
Journalize the entry on the partnership books : Journalize the entry on the partnership books to record Ferdinand's investment and journalize the entry on the partnership books to record Morris's investment.
Calculate the area of one side and multiply by 2 : Calculate the area of one side and multiply by 2 to get the total area of the hull of the boat

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Prepare journal entries to summarize the 2009 transactions

Prepare journal entries to summarize the 2009 transactions. As your final entry, dispose of the year-end under- or over allocated manufacturing overhead as a write-off to Cost of Goods Sold.

  What is the correct net income for 2014

Pettit Company reports net income of $90,000in 2014. However, ending inventory was understated $7,000. What is the correct net income for 2014?

  Calculate the cost of cups and lids

Calculate the cost of coffee beans per ounce of coffee sold and calculate the cost of cups, lids, sleeves, cream, and sugar per unit for small, medium, and large cups of coffee and in total

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  What is the managers prior probability

What is the manager's prior probability that his competitor is planning to introduce a new product and what is his revised probability of a new product given that the competitor is building a new plant?

  What are the differences between product and period costs

The new department will make use of a job order costing system. How and why will this differ from the current process costing system used elsewhere in the plant?

  Express merchandising operations

Purchased suitcases on account for $1,900 from Holiday Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125 for freight on this date.

  You are the vice president of operations for a small

you are the vice president of operations for a small manufacturing company that uses the absorptive method of

  Estimating opportunity cost

Assume that Dr. Behr has definitely decided to take every other Saturday off. She loves to repair her sports car by doing the work herself. If she works on her car during half a Saturday when she otherwise would nott see patients, what is her oppo..

  How can eec avoid these behaviors

Discuss unethical behavior that can result if the wrong performance measures are used to tie performance measures to compensation.

  Managerial accounting-cost flows

Green Company's costs for the month of August were as follows: direct materials, $27,000; direct labor, $34,000; selling, $14,000; administrative, $12,000; and manufacturing overhead, $44,000.

  Summarize the cost management from article

What are the major cost drivers involved in the school's educational process? How do you think the school might attempt to control costs? Describe how the Business School adds value and who receives this value.

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