Share profits and capital balance

Assignment Help Financial Accounting
Reference no: EM13753149

Mark, Andy, and Ron are partners who share profits 30%, 30%, and 40%. Their capital balances were $630,000, $420,000, and $210,000, respectively, before Ron's retirement. Ron was paid $330,000 from partnership assets to buy his interest. After Ron has withdrawn, Mark will have a capital balance of $______________?

Reference no: EM13753149

Questions Cloud

Acquisition cost-determine the acquisition cost of equipment : On January 1, 2012, Pearl Inc. purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Pearl paid for the purchase on January 8. Freight costs..
Decide on strategic management plans : In this assignment, you will decide on strategic management plans, a company's strategic competitiveness, and the best model for above-average returns.
Calculate the total dividends and the per-share dividends : Love Theatre Inc. owns and operates movie theatres throughout New Mexico and Utah. Love Theatre has declared the following annual dividends over a six-year period: 2009, $30,000; 2010, $90,000; 2011, $143,000; 2012, $180,000; 2013, $225,000; and 2014..
About the taxable income : David and Doris Kelley were divorced on February 3, 2014. They lived apart during 2014. The divorce decree required David to make the following payments: Transfer full title to their jointly owned family home to Doris. Fair market value of the home i..
Share profits and capital balance : Mark, Andy, and Ron are partners who share profits 30%, 30%, and 40%. Their capital balances were $630,000, $420,000, and $210,000, respectively, before Ron's retirement. Ron was paid $330,000 from partnership assets to buy his interest. After Ron ha..
Account that pays simple interest : you invest $3000 in an account that pays simple interest of 2% for 20 years. how much will you have at the end of 20 years? $8000 invested at an APR of *% for 2 years. if interest is compounded annually, what is the amount of money after 2 years? $12..
Why are shares a source of system vulnerabilities : How does Microsoft Baseline Security Analyzer (MBSA) differ from Windows Update? Why are Shares a source of system vulnerabilities
Partners who share profits : Bob and Kathy are partners who share profits 60% and 40%. Their capital balances were both $60,000 before Donna was admitted to the partnership. Donna contributed $100,000 in cash to the partnership for a 30% interest. After Donna is admitted to the ..
What is the break-even point if the time horizon : What is the Break- Even Point or How many cupcake must be sold to break even, given a time horizon of one year? What is the break-even point if the time horizon is changed to two years?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare a consolidated balance sheet

Prepare a consolidated Balance sheet and journal entries from the data - Balance Sheet of Big as of 2006

  What is mark to market accounting

What is mark to market accounting? Which stakeholder do you think will be most affected in mark to market accounting? Identify two critical accounts that will be most affected by the suspension of mark to market.

  Analysis of various accounting changes and errors

At December 31, 2009, the client had a receivable of $820,000 from Hendricks Inc. on its balance sheet. Hendricks Inc. has gone bankrupt, and no recovery is expected. The client proposes to write off the receivable as a prior period item.

  What are some of the concepts-methodology and movements

What are some of the concepts, methodology, and movements that have provided the capability produce high quality products in shorter runs, which allows us to offer many colors, styles, and sizes without increasing costs to prohibitive levels?

  Question premier trust and bank is considering giving alou

question premier trust and bank is considering giving alou company a loan. before doing so management decides that

  Compute basic and diluted earnings per share

Henderson-Niles' net income for the year ended December 31, 2011, is $520 million. The income tax rate is 35%. Henderson-Niles paid dividends of $1 per share on its preferred stock during 2011.

  What is shareholder''s debt basis at january

What is the shareholder's debt basis at January 1,3012?

  What is the materials price variance for january

Cole laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows.

  Stockholders equity section

On April 21, 2014, Alligator Corporation received a charter granting the right to issue 100,000 shares of $100 par value, 6% cumulative and nonparticipating preferred stock, and 1,000,000 shares of $1 par value common stock. It then Apr. 28 Issued 10..

  Finding thenbsp net cash flow provided used by investing

finding thenbsp net cash flow provided used by investing activities.cash flow computations from the following selected

  Prepare all required journal entries

Prepare all required journal entries that the city should make for each transaction.

  Financial statement accuracy

"Financial Statement Accuracy" Identify the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Make atleast (2) recommendations for improving the accuracy and reliability of the inf..

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd