User Account

All Pages

Prepare the journal entry on the books of the partnership

Assignment Help Accounting Basics
Reference no: EM132610317

Question - Julie Ellis has a capital balance of $54,000, Sara Lake has a capital balance of $82,000, and Dan Madden has a capital balance of $ 36,000. They have a profit/loss ratio of 4:2:4.

Instructions - Prepare the journal entry on the books of the partnership to record the withdrawal of Madden from the partnership under each of the following independent assumptions:

a) Madden is paid $ 48,000 from partnership assets.

b) Madden is paid $ 27,000 from partnership assets.

Reference no: EM132610317

Questions Cloud

What is the normal ph of the stomach : What is the normal pH of the stomach and name 2 factors that can affect the pH of the stomach?
Prepare all the journal entries that Golf Corporation make : Prepare all the journal entries that Golf Corporation would make related to this bond issue from issue date through to December 31, 2019
Give a concise account of how on-centre : Give a concise account of how on-centre, off-surround retinal ganglion cells might explain the "shadows" appearing at junctions.
Diversity in a terrestrial and in an aquatic habitat : Define the role that disturbance plays in maintaining species diversity in a terrestrial and in an aquatic habitat.
Prepare the journal entry on the books of the partnership : Instructions - Prepare the journal entry on the books of the partnership to record the withdrawal of Madden from the partnership
Describe how humanist thought led to scientific : Describe how humanist thought led to scientific and artistic innovations during the Renaissance. What were the lasting effects on later societies?
Acceptable type of therapy for genetic disorders : Do you think gene therapy is or is not an acceptable type of therapy for genetic disorders?
How to find the present value of principal : On January 1, Canglon, Inc., issues 10%, 5-year bonds with a face value of $150,000 when the effective rate is 12%. How to find the Present value of principal
Show a depreciation schedule for six years : The new machines cost $252,000 including installation. Show a depreciation schedule for six years using the double-declining-balance method

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