User Account

All Pages

Prepare a Statement of Partners Equity

Assignment Help Accounting Basics
Reference no: EM132700577

Question -

1. January 1, 2017 - A. Rodgers and T. Brady decide to start up a partnership. Rodgers brings in $10,000 cash and equipment with a fair market value of $37,000. Brady brings $60,000 in cash, but he is also bringing $6,000 in accounts payable from his old business. They agree to an income ratio of 5:4.

Required: Show the entry to establish the partnership.

2. December 31, 2017 - The business recorded a net income of $27,000, and Rodgers had a debit balance of $16,000 in his drawings account.

a. Show the entry to allocate the net income to the partners' capital accounts using the income ratio.

b. Prepare a Statement of Partners' Equity for 2017.

Reference no: EM132700577

Questions Cloud

Bells and whistles but at reasonable price : Who knows how to do complete resumes with all the bells and whistles but at a reasonable price.
Antagonistic relations of production : How the state emerges from these antagonistic relations of production as the instrument of power of ruling classes.
Explain the advantages of mac and rbac : The differences between and advantages of MAC, DAC, and RBAC. Include at least 3 quotes from your sources enclosed in quotation marks and cited in-line.
Outline additional procedures that should be performed : Outline additional procedures (and the related assertions) that should be performed by the audit team based on your review of his work.
Prepare a Statement of Partners Equity : Show the entry to allocate the net income to the partners' capital accounts using the income ratio. Prepare a Statement of Partners' Equity for 2017
Specific functions in relation to criminal offenders. : The US correctional system can serve two specific functions in relation to criminal offenders.
Calculate the ending tax basis in stock of brushy mountain : Calculate the ending tax basis in stock of Brushy Mountain road for each shareholder and provide the ending Earnings and Profit of Brushy Mountain Inc.
Identify future risks and concerns the company may be facing : Select a company that has a name which starts with the first letter of your first or last name and identify future risks and concerns the company may be facing
What are various technologies employed by wireless devices : What are the various technologies employed by wireless devices to maximize their use of the available radio frequencies? Also discuss methods used to secure.

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