What is the balance of johns capital account

Assignment Help Accounting Basics
Reference no: EM132557046

Question - David, Chris and John formed a partnership on July 31, 2019. They decided to share profits equally, but inserted a clause in the partnership agreement where any losses would be allocated in the ratio of 5:2:3, respectively. For the year ended December 31, 2019, the firm earned a net income of $50,000. However, for the year ended December 31, 2020, the firm incurred a loss of $60,000. Assuming that John had an initial capital contribution of $43,000 and made no withdrawals, what is the balance of John's Capital account as of December 31, 2020?

Reference no: EM132557046

Questions Cloud

Dos attack response plan : Why is it critical for an organization to have a DoS attack response plan well before it happens?
Why is accounting important to the business world : What are Generally Accepted Accounting Principles( GAAP) What are the three steps in transaction analysis to determine the Debit and Credit rules of a financial
What is the overhead rate based on a single cost driver : The budgeted overhead cost for the year is $2,246,400. What is the overhead rate based on a single cost driver (rounded to the nearest percentage)
Amazon diversifications : Were Amazon's diversifications through Amazon Go appropriate, given the company's resources and capabilities?
What is the balance of johns capital account : David, Chris and John formed a partnership on July 31, 2019. What is the balance of John's Capital account as of December 31, 2020
Corruption in country and economic development : How would you explain the correlation between the amount of corruption in a country and economic development?
How managers make capital investment decisions based on : Managers make capital investment decisions based on which of the following factors?Current production in comparable markets.
Calculate charge for overhead to each of three production : Calculate the charge for overhead to each of the three production cost centers, including the amounts reapportioned from the two service centers
Performance appraisal process : Analysis of what criteria is missing from the Director's proposal? What other measures would you include in order to make this proposal worth the investment?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute labor efficiency variance and a labor rate variance

China Inc. produces custom-painted cake plates for a number of major department stores. During the most recent week, the company prepared 6,000 platesusing 1,150 direct labor-hours.

  How information or process not directly relate to accounting

Identify how information or processes not directly related to accounting will be impacted by the proposed change. Cite at least one reference other than your.

  Prepare annual report for the selected company

You will be asked to select a company that is publically traded. You must research and secure the SEC 10-K Annual Report for the most recent year.

  How does each company comply with the rules

What did the company provide about its debts in the notes, and why is that information important? How does each company comply with the rules

  Discuss purchased a patent with an estimated useful life

Prepare all adjusting entries at December 31 to record amortization required by the events

  A few years ago the chariot manufacturing company installed

a few years ago the chariot manufacturing company installed automated robots worth billions of dollars in its auto

  Gain or income recognizing the exchanges

What gain or income do Sara and Jane recognize on the exchanges? What is Wren corporation's basis in the property transferred by Sara and Jane? How does wren treat the value of the services Jane renders?

  Discuss something about these overdue accounts receivable

we're going to have to do something about these overdue accounts receivable. One-third of our accounts are over 60 days past due

  Prepare journal entries needed to account for transaction

Prepare the journal entries needed to account for each transaction in the General Fund

  Prepare a schedule of partnership realization

Prepare a schedule of partnership realization and liquidation in accordance with the sequence of the foregoing events

  The lease agreement calls for georgia-atlantic to make

on june 30 2013 georgia-atlantic inc. leased a warehouse facility from ic leasing corporation. the lease agreement

  What gain or loss would be recognized on the called bonds

On September 1, 2012, $3000000 of the bonds are called at 102 plus accrued interest. What gain or loss would be recognized on the called bonds on September

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