Solution-Prepare the closing entry to allocate the

Prepare the closing entry to allocate the partnership pro?t

Assignment Help Accounting Basics

Reference no: EM132563820

Question - On January 1, 2021, the capital balances in Blossom Partnership are as follows: Zoya Gable $15,000 Matthew Smith $17,760

Neither partner had any drawings in 2021.

Required -

Prepare the closing entry to allocate the partnership pro?t if in 2021, the partnership reports pro?t of $66,600. There is no partnership agreement.

Prepare the closing entry to allocate the partnership pro?t if in 2021, the partnership reports pro?t of $44,400. The income ratio provides for salary allowances of $31,080 for Gable and $22,200 to Smith and the remainder to be shared equally.

Prepare the closing entry to allocate the partnership pro?t if in 2021, the partnership reports pro?t of $44,400. Assume the partnership agreement calls for pro?t to be divided with a salary of $29,600 to Gable and $22,200 to Smith. Gable is allowed 6% of interest on her beginning capital, and the remainder is divided 70%- 30%.

Reference no: EM132563820

Questions Cloud

Infographics you think are especially ineffective : Identify one or a few visualizations/infographics you think are especially ineffective.

What are the primary elements of a cash budget : What are the primary elements of a cash budget? How a cash budget can assist in the management of cash for a business

What the kantian and consequentialist position might be : For instance, what if this person has a drug or alcohol addiction which was largely the cause for them to start living on the street initially?

Cyber security planning and management : Explain what the following terms mean to you as they apply to information security and safe computing: Confidentiality, Integrity, and Availability.

Prepare the closing entry to allocate the partnership pro?t : Prepare the closing entry to allocate the partnership pro?t if in 2021, the partnership reports pro?t of $66,600. There is no partnership agreement

Should accept locke argument : Consider the example of Prince and the Cobbler that he provides. Should we accept Locke's argument that there is a distinction between persons and bodies?

Cyber security planning and management : If you were asked by your employer to develop a new Information Security Policy, where would you turn to find resources to build this policy?

Compute the estimated cost of the ending inventory : Jackson Company has sales of $300,000 and cost of goods available for sale of $270,000. Compute the estimated cost of the ending inventory

How does moral luck affect consequentialist judgments : How does moral luck affect consequentialist judgments? Provide scenarios for instances in which moral luck might complicate both Kantian

User Account

All Pages

Prepare the closing entry to allocate the partnership pro?t

Reference no: EM132563820

Reference no: EM132563820

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT