User Account

All Pages

What is the balance in green capital account

Assignment Help Financial Accounting
Reference no: EM132943258

Question - AGF partnership begins its first year of operation with the following capital balances and profit and loss percentages:

Able Capital $ 60,000 (20%)

Green Capital $80,000 (30%)

Frank Capital $ 100,000 (50%)

Each partner is allocated interest of 5% on beginning capital balances.

Green is allocated salary of $20,000 for the full year. Frank is allocated salary of $10,000 for the full year. Able is not allocated salary.

Each partner has drawings of $30,000 in the first year.

Assume that partnership net income in the first year is $300,000. What is the balance in Green's capital account at the end of the year?

Reference no: EM132943258

Questions Cloud

How much is the net income of the agency for honesty company : How much is the net income (loss) of the agency? Honesty Company established an agency in Cebu City sending its merchandise samples costing P90,000.
Find what the correct cash balance is : What the correct cash balance is? A bank reconciliation revealed cash per the bank statement of $1,484, cash per company records of $1,681
What does the federal reserve do : What does the Federal Reserve do? Describe how those functions may personally impact you or any U.S. Citizen. List at least two (2) functions of the Federal
Why climate change is a challenging problem : Explain why climate change is a challenging problem for both the government and markets to solve?
What is the balance in green capital account : Assume that partnership net income in the first year is $300,000. What is the balance in Green's capital account at the end of the year
What is the hourly revenue in the dining area : In a Benihana of Tokyo restaurant, there are 10 hibachi dining tables with 8 seats in the dining area and 32 seats in the bar area where customers wait to be se
How much can be deducted for medical expenses on schedule : If the maximum amount of $7100 was paid out of their Health Savings Account, how much can be deducted for medical expenses on Schedule A?
How are real and how are simply reflected shadows : How are they real and how are they simply reflected shadows? And if they are simply reflected shadows, what do we need to do as managers
Which the income statement usefulness of a company : Which the Income Statement's usefulness of a company increases substantially when it is compared with? Ratio Matching - Select the correct ratio

Reviews

Write a Review

Financial Accounting Questions & Answers

  What expense recognition is tied to revenue recognition

What Expense recognition is tied to revenue recognition when? efforts should be matched with accomplishments/ cash has been received for the revenue

  Provide the journal entry or entries needed to record

Provide the journal entry or entries (accounts and amounts) needed to record each transaction. Purchased $9,992 million worth of inventory on account.

  How to compute the variances for raw materials

How to Compute the variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized

  Human resources department costs to operating division

Calculate allocation from service to line departments using the direct, step, and reciprocal methods for Homestead Inc. Homestead Pottery Inc. is divided into two operating divisions: pottery and retail.The company allocated power and human resources..

  The following information is provided by sino ltdfor the

the following information is provided by sino ltdfor the year ended 30 june 2010 sino ltd earned profit of 8000000

  What is the aftertax salvage value of the asset

$5,050,000 and will be sold for $1,525,000 at the end of the project. If the tax rate is 25 percent, what is the aftertax salvage value of the asset?

  Compute Mountains gross profit percentage

Mountain Company made sales of $38,542 million during 20X6. Compute Mountain's gross profit percentage and rate of inventory turnover for 20X6

  Prepare an income statement for the first year

Grooming service revenue for the first year amounted to $150,000, of which $40,000 was on account. Prepare an income statement for the first year

  Determine the balance of the account

If you save money from the age of 20 and save $ 4 daily and, at the end of the year, determine the balance of the account when you reach 62 years

  Determine the terminal value of the project is

Determine The terminal value of the project is. Gross proceeds from disposal of project assets: $200000. Cost of dismantling project asset: $20000.

  What is the combined future value of the cash flows

You received $100 at the beginning of year, If cash flows are deposited at 12 percent, what is the combined future value of the cash flows at the end of year 3?

  Taxes receivable-sales-interest receivable on investments

An November 2014, the 3% certificates of deposit matured; the face amount of $1,000,000 plus interest of $15,000 was collected. The interest is considered revenue of the Street Improvement Fund.

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