A. Lammers and B. Samec have decided their partnership earnings will be shared as follows: (a) 14% interest allowance on capital balances at beginning of year, (b) Remainder to be shared equally. Capital balances of A. Lammers and B. Samec at the beginning of the year are $81,000 and $32,000, respectively. Net income is $18,000 for the year. Record the journal entry to update the capital balances of A. Lammers and B. Samec on December 31.
Answer to relevant QuestionsJulie Eader, Tami DeBurgo, and Abby Ellamar are partners who share losses and gains in a ratio of 2:2:1. Their capital balances are $5,300, $7,200, and $4,400, respectively. The partners are anxious to have Tami retire and ...Julie Eagleson, Tami DeBurgo, and Abby Ellars are partners who share losses and gains in a ratio of 2:2:1. Their capital balances are $4,800, $6,900, and $3,900, respectively. The partners are anxious to have Tami retire and ...a. The partnership of Carol and Jack began with the partners investing $6,000 and $4,000, respectively. At the end of the first year, the partnership earned net income of $8,200. Under each of the following independent ...Peter Corporation was authorized to issue 33,000 shares of common stock. Record the journal entry for each of the following independent situations, assuming Peter issues 6,300 shares at $10 on July 20, 201X:a. Common stock ...Thompson Corporation began its business on January 1, 201X. It sold at $28 per share 6,100 shares of no-par common stock with a stated value of $20 per share. The charter of Thompson indicated 35,000 shares were authorized. ...
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