User Account

All Pages

Prepare the journal entry to record the contributions

Assignment Help Accounting Basics
Reference no: EM131966959

Questions -

Q1. Jack L and Mathew C. would like to combine businesses to form a Partnership. Jack contributes the following Equipment, Buildi11L $7,950.00, Notes Payable, 2,150.00, and Inventory, $790.00 Matthew contributes the following: Accounts Receivable, $1,200.00, $970.00 of cash.

Prepare the journal entry to record the contributions, which occurred on August 21, 2017.

Q2. JJ& T Partnership has 3 partners1 James small, josh plat, and turner Lyle who• allocate net income according to the services provided by the Partners, and any remainder equally. James and Turner will provide services and receive salary allowances of $2,500.00 a month while Josh will receive $3,500.00 .. during the year the Partnership earned $192,000. Determine the amount allocated to each partner and prepare the journal entry to record the division of income.

Reference no: EM131966959

Questions Cloud

Find the sample size needed to assure : Find the sample size needed to assure with 98 percent confidence that the sample mean will not differ from the population mean by more than 2 dollars.
Identify the correct alternative hypothesis : If we use LL to denote the low-income group and H to denote the high income group, identify the correct alternative hypothesis.
Explain how you think it will be helpful to you : Please specifically identify and describe one concept or technique and explain how you think it will be helpful to you.
Explain how apparel styles vary by season : How can placing frequent, small orders and last-minute emergency shipments negatively impact the retailer's relationship with manufacturers?
Prepare the journal entry to record the contributions : Jack L and Mathew C. would like to combine businesses to form a Partnership. Prepare the journal entry to record the contributions, which occurred on August
Make architecture of one computer that will handle interrupt : Make an architecture of one computer that will handle interrupts of different kinds, such as writing, opening, printing, spooling, and so forth.
Describe the standards for english language arts : Create the content for a blog (not actually creating the blog at this time) that identifies differentiated assessment and teaching strategies.
Discuss the accounting process : Chapter 4 reminds us of the accounting equation assets = liabilities + owner's equity. Using the equation as a basis the chapter takes us through the details.
What is future value of cash flow stream : A company is expanding its operations. What is the future value of the cash flow stream?

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