User Account

All Pages

Show the journal entry to record the withdrawal

Assignment Help Accounting Basics
Reference no: EM132795645

Questions -

a) Armstrong plans to leave the JT Partnership. At this time her capital account is   $48,000. The remaining partners, Tanner and Jackson, agree to pay Armstrong $58,000 in cash upon leaving the partnership. Assume the partners share profits and losses equally. Show the journal entry to record the withdrawal.

b) The partners of the Blue Tooth Partnership agree to liquidate the partnership. After all the liabilities of $100,000 are paid, the capital account balances are: Wong, $80,000; Winslow, $70,000; and Peters, ($4,000). Peters is unable to pay his capital deficiency. Assume the partners share profits and losses equally. Show the journal entries required to liquidate the partnership.

Reference no: EM132795645

Questions Cloud

Which stakeholders will an organisation be more concerned : Activities in and around a national park Further, according to Stakeholder Theory, which stakeholders will an organisation be more concerned about satisfying?
Show the entry to record the common share issue on January : On January 18, 2021, 50,000 common shares were issued at $25 per share. Profit for 2021 was $275,000. Show the entry to record the common share issue on January
In what ways the past informs or have shaped the present : Make a connection between the topic and any political, social, or cultural issue that we face today in the United States. You should explain how and in what way
Solve the total cost of the proposed job and the company : Solve the total cost of the proposed job and the company's bidding price if the bid is based upon 30% mark-up from full manufacturing.
Show the journal entry to record the withdrawal : Armstrong plans to leave the JT Partnership. At this time her capital account is $48,000. Show the journal entry to record the withdrawal
Discuss the importance of budgeting to control : Discuss the importance of budgeting to control an organisation's environment during COVID-19 outbreaks. to enhance organisation's performance
How effective is the poem in relating the holocaust : Explain the background on the author, especially in relation to the Holocaust. How does the poem relate to the bigger picture of the Holocaust?
What amount will bmw report cost of goods sold : Rawan produced 60,000 products but only sold 54,000. At what amount will BMW report its cost of goods sold for this first year for external reporting purposes?
What is the amount of bad debts expense : Accounts receivable, December 31, 2024 $80,000 (debit) The company uses the direct write-off method for bad debts. What is the amount of bad debts expense

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