User Account

All Pages

Preparing partnership financial statements

Assignment Help Financial Accounting
Reference no: EM13527437

Preparing partnership financial statements

The partnership of Williams and Leblanc had these balances at April 30, 2012:

Cash

$24,000

Service revenue

$150,000

Liabilities

42,000

Leblanc, capital

26,000

Williams, capital

15,000

Total expenses

81,000

Other assets

59,000

Williams gets 70% of profits and losses, and Leblanc 30%.

Requirement

1. Prepare the partnership's income statement for the year ended April 30, 2012.

Reference no: EM13527437

Questions Cloud

Journalize the entry on the partnership books : Journalize the entry on the partnership books to record Ferdinand's investment and journalize the entry on the partnership books to record Morris's investment.
Calculate the area of one side and multiply by 2 : Calculate the area of one side and multiply by 2 to get the total area of the hull of the boat
Journalize the entry to close the income summary : Calculate the amount of income each partner will receive under their profit and loss sharing agreement and journalize the entry to close the Income summary account for the year.
Define a carbon dioxide fire extinguisher puts out the flame : Wood and oxygen are two reagents required to keep a campfire burning. identify the limiting and excess reagent: a) The fire dwindles over time. b) A carbon dioxide fire extinguisher puts out the flame.
Preparing partnership financial statements : Prepare the partnership's income statement for the year ended April 30, 2012 - Preparing partnership financial statements
Explain what volume of co2 in liters is produced : Humans consume glucose, C6H12O6, to produce engery. the products of glucose consumption are CO2 and H2O. C6H12O6(s)+6O2(g)--->6CO2(g)+6H20(g)
Partnership compared to a proprietorship and a corporation : Advantages of a partnership over a proprietorship and a corporation - List disadvantages of a partnership compared to a proprietorship and a corporation.
Determine what is the electric potential at the origin : A metal conducting sphere of radius 15cm has a net charge of 30nC and is located with its center at the origin. what is the electric potential at the origin
Define total heat of hydrationof 1 mol of gas phase li+ ions : The total heat of hydrationof 1 mol of gas phase Li+ ions and Cl- ions is -865kJ. The lattice energy of LiCl(s) is 828 kJ/mol. Calculate the heat of solution of LiCl.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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