User Account

All Pages

Journalize the withdrawal of fisk

Assignment Help Accounting Basics
Reference no: EM131815253

Question - H. Barrajas, T. Dingler, and R. Fisk have capital balances of $99,790, $72,720, and $62,000, respectively. They share income or loss on a 5 : 3 : 2 basis. Fisk withdraws from the partnership under each of the following conditions.

Fisk is paid $71,300 in cash from partnership assets, and a bonus is granted to the retiring partner.

Fisk is paid $58,900 in cash from partnership assets, and bonuses are granted to the remaining partners.

Instructions - Journalize the withdrawal of Fisk under each of the assumptions above.

Reference no: EM131815253

Questions Cloud

How much was nautical dream net income or net loss : Journalizing closing entries-periodic inventory system Nautical Dream Boat Supply uses the periodic inventory method.
What is the total book-tax difference : What is the total book-tax difference associated with depreciation and the gain on sale? Is it favorable or unfavorable
What market structure is there for the line of business : What market structure is there for this line of business in your home town? Is this a monopoly, oligopoly, monopolistic competition, or perfect competition?
Benefits plans and cash balance plans are both pension plans : Defined benefits plans and cash balance plans are both pension plans.
Journalize the withdrawal of fisk : Fisk is paid $71,300 in cash from partnership assets, and a bonus is granted to the retiring partner. Journalize the withdrawal of Fisk
Computing cost of goods sold in a periodic inventory system : Computing cost of goods sold in a periodic inventory system Zeta Electric uses the periodic inventory system. Zeta reported the following selected amounts.
How much quicker would you able to pay credit card balance : How much quicker would you be able to pay off the $2,000 credit card balance by making a fixed payment of $100 each month instead of the required minimum paymen
Returns on this investment are at least roughly distributed : Assuming that the returns on this investment are at least roughly normally distributed,
What is samantha adjusted basis in the new truck : She gives Phyllis cash of 7,000 phyllis basis in her truck is 35,000 and its FMV is 40,000 what is samantha's adjusted basis in the new truck she receives

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